Closings underway at Queens’ tallest building

802-unit Skyline Tower aiming for $1B sellout

New York /
Mar.March 04, 2021 09:00 AM
Chris Jiashu Xu and Long Island City's Skyline Tower. (Skyline Tower)

Chris Jiashu Xu and Long Island City’s Skyline Tower. (Skyline Tower)

The tallest building in Queens, Skyline Tower, is on its way to potentially breaking a record.

About 41 percent of the 801 units in the Long Island City condominium are in contract, according to Modern Spaces, which has been handling marketing and sales at the building since 2018. The first set of closings began last month.

The 67-story tower is aiming for a sellout of $1.09 billion, according to filings with the Attorney General’s office. It’s the first condo in the borough to try for a billion-dollar sellout.

Selling units at the building is a tall order in and of itself, considering the glut of unsold condos in Long Island City. Last summer, nearly 60 percent of units built since 2018 were reportedly languishing on the market.

Eric Benaim, CEO of Modern Spaces, said the incentives the brokerage offered to buyers and their agents changed every month to compensate for the tough market. Those incentives ranged from $5,000 gift cards for agents who brought in buyers, to having closing costs covered by the developer, Chris Jiashu Xu.

Xu developed the tower alongside Risland US Holdings and FSA Capital, and financed the project with a $502 million construction loan from a consortium of lenders led by JPMorgan Chase.

Prices for units in the building range from $600,000 to just over $3 million. Nest Seekers International’s new development arm is also marketing units in the building, according to the project’s website.





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