Chris Xu’s record-breaking LIC condo tower aims for $1B sellout

Prices range from $600K for a studio to $3M for a two-bed

New York /
Oct.October 29, 2018 08:30 AM

A rendering of 23-15 44th Drive and Chris Xu (Credit: CityRealty)

Queens is set to get its first $1 billion condominium project.

Developer Chris Jiashu Xu earlier this month got approval from the state Attorney General’s office to begin sales at his 802-unit Skyline Tower in the Court Square section of Long Island City, Bloomberg News reported.

At 964 feet, the glass tower is already to set to be the tallest it Queens, and now it may claim another record: It’s estimated sellout of $1.008 billion is the first billion-dollar-plus condo project for the borough, according Modern Spaces’ Eric Benaim, who is marketing the tower.

“It’s like Queens has finally made its mark in real estate,” he said.

Condos in the building start at slightly more than $600,000 for a studio on the third floor, and go up to $3.04 million for a two-bedroom on the top floor. The developer has not yet priced the penthouses on the upper floors, so the estimated sellout cold climb, Benaim said.

Xu earlier this year received a $502 million construction loan for the tower at 23-15 44th Drive from a group of banks including JPMorgan Chase.

His partners on the project include FSA Capital’s Brian Pun, Hong Kong developer Risland U.S. Holdings LLC and Henry Yeung. Xu bought the site from Citigroup in July 2015 from $143 million. [Bloomberg] – Rich Bockmann


Related Articles

arrow_forward_ios
Slowdown in pending homes sales signals “turning point” for housing market
Slowdown in pending homes sales signals “turning point” for housing market
Slowdown in pending homes sales signals “turning point” for housing market
Realogy CEO Ryan Schneider (iStock)
Realogy CEO: remote work is here to stay, but home price growth is real
Realogy CEO: remote work is here to stay, but home price growth is real
Bad news for agents: Buyers warming to algorithms
Bad news for agents: Buyers warming to algorithms
Bad news for agents: Buyers warming to algorithms
Sciame Construction CEO Frank Sciame and the Gold Coast Mansion
Frank Sciame buys massive Gold Coast mansion. Now what?
Frank Sciame buys massive Gold Coast mansion. Now what?
Buyers from neighboring countries made up the biggest percentage of foreign sales. (iStock)
Here’s where foreign homebuyers came from and bought during pandemic
Here’s where foreign homebuyers came from and bought during pandemic
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
From left: JP Morgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Texas Capital Bank CEO Rob Holmes (iStock, LowneyJen/Wikimedia, World Economic Forum/Wikimedia, Texas Capital bank)
Rise in home prices frees banks to offload mortgage risk
Rise in home prices frees banks to offload mortgage risk
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...