Chris Jiashu Xu Unloads Pair Of Queens Development Sites
Xu's company, United Construction and Development Group, sold 39-02 Janet Place in Flushing, part of the four-acre parcel he bought in 2016 for $100M, to Queens-based Hengxing for $45M earlier this month, The Real Deal reports. A week later, Xu is ready to offload adjacent lots at 163-05 and 163-25 Archer Ave. in Jamaica to BRP Cos. for $55M, according to TRD.
Both sites had been attached to major development plans that Xu bought into within the last three years. The Flushing parcel was rumored to be the site of mega-development River Park Place, which would consist of five towers containing 450 apartments and 313K SF of commercial space. The plans have been in the works since early this century, but were delayed indefinitely since the recession. The total parcel on the Flushing River waterfront is zoned for 870K SF of development, but with part of it spun off, its future is as unclear as ever.
Xu had also reportedly planned to develop a project called Archer Towers at the Jamaica site, which he bought in 2014 for $22M. At the time, it was one of the largest plots sold in Jamaica's recent history. The land is occupied by a single-story shopping center and a vacant parking garage, but is zoned for 700K SF of development. Xu put the land on the block early this year asking $60M, and the final price was not far off.