Chris Jiashu Xu Expands His Flushing Empire With $100M Site Acquisition
Could there be gold in this barren Flushing dumping ground?
Developer Chris Jiashu Xu thinks so, as he acquired the 3.7-acre site, 39-08 Janet Place, for more than $100M in an off-market deal.
The investment group seller acquired the site for $26M in 2006, and hired Nest Seekers International CEO Eddie Shapiro’s LEV Development Group to develop it, The Real Deal reports.
There was originally to going to be a five-tower, 757k SF mixed-use complex called River Park Place, which would’ve included 450 apartments across 395k SF, 313k SF of commercial space, 7,500 SF of community space and 1,000 parking spaces.
These Ishmal Leyva-designed plans were even approved by the city, but the 2008 financial collapse made financing impossible to acquire and the site never broke ground. It even came dangerously close to foreclosure in 2012, and the ownership group had to acquire a $28.5M mortgage in 2014 before deciding to drop the plans.
It’s unknown if United Construction & Development Group—Chris’ firm, which is also working on the 79-story, 779k SF mixed-use Court Square City View Tower—will use the plan.
The land will need to be cleaned up before any construction can start. [TRD]