Chris Jiashu Xu can’t stop buying up properties across Queens.
United Construction and Development is purchasing 41-60 Main Street in Flushing for $64.3 million, Crain’s reported. The deal for the three-story, 104,000-square-foot building breaks down to around $618 per square foot.
Madison Realty Capital was the seller in the deal. A JLL team including Ethan Stanton, Michael Mazzara and Drew Isaacson arranged the transaction.
Madison Realty picked up the property less than two years ago from Jeffrey Wu’s Flushing Landmark Realty for $80 million. The property was one of several covered by mezzanine loans obtained by Wu, who has been dealing with bankruptcy proceedings across his real estate empire for years.
Xu did not respond to the outlet’s request for comment, so his plans for the property are unclear. The building is fully occupied with a tenant roster featuring Capital One Bank, MassMutual Insurance and Preferred Bank.
Xu’s United Construction is one of Queens’ more active buyers and developers.
Over the summer, his firm filed plans with the Department of Buildings for a 630-unit project at 61-06 Junction Boulevard, a vacant 139,000-square-foot lot in Rego Park.
The permits call for adjacent 22- and 28-story buildings with a connecting lobby. The 660,000-square-foot development would include 70,000 square feet of commercial space — including two basement retail spaces — and 114,000 square feet for a community facility on the first floor.
Xu’s firm is known for developing the 67-story, 802-unit Skyline Tower in Long Island City, the tallest completed building in the borough so far. Other prominent projects for Corona-based United include The Cube at 24-01 43rd Avenue in Long Island City and Whitestone Manor at 137-08 31st Road in Flushing.
Zegen’s firm, meanwhile, is involved in a notable dispute in a completely different part of the country. This month, Five Star Development, which is behind the 122-acre Scottsdale project dubbed The Palmeraie, filed for Chapter 11 bankruptcy protection to shield the property from what Five Star believes to be wrongful foreclosure on the part of its lender, Madison Realty.
— Holden Walter-Warner
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Madison Realty buys Flushing property from bankrupt developer for $80M
Chris Xu files plans for 630-unit complex in Rego Park
Five Star seeks bankruptcy to avoid foreclosure in $2B Ritz project
