Developer Chris Jiashu Xu is betting again on Long Island City.
The prolific Queens developer bought another development site in the booming neighborhood, paying $57.5 million for 42-50 24th Street, according to public records. The seller is a joint venture that includes Fisher Brothers and the Hakim Organization.
The property is a block from another one of Xu’s projects at 42-53 24th Street, where he is planning a 14-story, 213,000-square-foot, mixed-use building.
The newly purchased Long Island City site last traded hands in 2015 for $69 million when Property Markets Group and the Hakim Organization teamed up to buy it. It’s unclear if Fisher Brothers was part of the deal.
In 2019, Fisher Brothers submitted plans for a 240-unit, mixed-use project that included apartments and hotel rooms. But the foundation was not completed in time to qualify for the 421a tax break, a source familiar with the project said. That deadline was in June 2022.
But if Xu plans a condominium, as is likely, the expiration of 421a would not matter; the abatement was for rental projects.
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Maxim Credit Group took over the mortgage from Citibank on the day of the sale, according to public records. The amount of the loan was not recorded. PincusCo first reported the sale.
A CBRE team led by Doug Middleton and Daniel Kaplan represented the sellers. They declined to comment. A representative from Xu’s United Construction & Development Group did not immediately respond to a request for comment.
Xu is the developer behind the 67-story Skyline Tower in Long Island City. The 802-unit condo building is Queens’ first billion-dollar project and its tallest building. It was aiming for a $1.1 billion sellout when sales launched in 2019.