Chris Xu sells Flushing waterfront parcel for $45M

Developer had paid $100 million for full 4-acre site

Chris Xu and a rendering of River Park Place (Credit: Ismael Levya)
Chris Xu and a rendering of River Park Place (Credit: Ismael Levya)

UPDATED, 3:12 p.m., Dec. 7: Prolific Queens developer Chris “Jiashu” Xu has sold off part of a Flushing assemblage he bought last year.

Xu, president of United Construction and Development Group, and Brian Pun, of FSA Capital, sold a land parcel at 39-02 Janet Place for $45 million, according to property records. The buyer was Hengxing LLC, a Queens-based company that lists Yuzhuo Yu as its signatory.

The property appears to be part of a four-acre assemblage addressed at 39-08 Janet Place that Xu bought last year for $100 million. The lot on the waterfront of the Flushing River contained 870,000 as-of-right buildable square feet and was seen as a possible site for Xu to revive his plans for River Park Place, a five-tower mixed-use megadevelopment featuring 450 apartments, 313,000 square feet of commercial space and 7,500 square feet of community space.

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Xu has become one of the most active developers in Flushing over the years and is currently working on the 67-story Court Square City View Tower in Long Island City, which would be the tallest building in Queens.

Xu did not respond to a request for comment. Pun and Yu could not be reached.

This story was updated to reflect Brian Pun’s affiliation with FSA Capital