The Real Deal New York

Chinese firm takes 70% stake in $253M LIC condo project

The unnamed firm purchased share for $67M
By Eddie Small | October 31, 2018 05:30PM

A rendering of 27-17 42nd Road (Credit: CityRealty)

Anthony Hu’s Eastern Star Development has sold a 70 percent stake in its Long Island City condo project at 27-17 42nd Road to an unnamed Chinese company, according to property records and sources familiar with the deal.

The company sold the stake in its 182-unit project for $67.4 million. The condo is aiming for a $253.3 million sellout, making it one of the highest in the history of Queens.

The Chinese firm is operating through the entity Star Tower Condominium LLC, which is based at 43-20 Union Street in Flushing, according to state and property records.

Long Island City has been awash in new residential projects lately. Developer Chris Jiashu Xu recently got approval for his roughly $1 billion 802-unit Skyline Tower in the Court Square section of the neighborhood, and Simon Baron Development just bought out its partner Quadrum Global’s stake in its 467-unit rental project at 29-22 Northern Boulevard for $313.2 million.