Bank of China backs plan to build luxury high-rise con­dos in Queens

China Daily (USA) - - ACROSS AMERICA - By PAUL WELITZKIN in New York paulwelitzkin@chi­nadai­lyusa.com

A Flush­ing, New York­based com­pany has se­cured a $100 mil­lion loan to de­velop a high-rise tower in Long Is­land City in Queens, New York.

Cit­ing prop­erty records, The Real Deal re­ported Tues­day that Ji­ashu (Chris) Xu, the founder and pres­i­dent of United Con­struc­tion & Devel­op­ment Group Corp and United Plumb­ing, Heat­ing & Ap­pli­ance Corp, re­fi­nanced the Long Is­land City site with a $100 mil­lion loan from the Bank of China.

Xu’s firm plans to build a 78-story tower at 23-15 44th Drive on the site that was ac­quired from Cit­i­group Inc for about $143 mil­lion in 2015.

Called Court Square City View Tower, the build­ing will fea­ture 660 luxury res­i­den­tial units and 100,000 square feet of com­mer­cial space, ac­cord­ing to the United Con­struc­tion & Devel­op­ment Group web­site. The ar­chi­tec­tural firm for the project is Goldstein, Hill & West Ar­chi­tects.

The project is ex­pected to break ground in 2017. Xu is the founder and pres­i­dent of United Con­struc­tion & Devel­op­ment Group Corp. and United Plumb­ing, Heat­ing & Ap­pli­ance Corp.

At the age of 18, Xu em­i­grated with his fam­ily from China to the US. Even­tu­ally he be­came the founder and co-part­ner of United Plumb­ing, Heat­ing & Ap­pli­ance, and a plumb­ing and heat­ing dis­trib­u­tor in Queens, New York.

In 1996, Xu founded his sec­ond com­pany that later be­came United Con­struc­tion & Devel­op­ment Group.

PRO­VIDED TO CHINA DAILY

An artist’s ren­der­ing of the pro­posed Court Square City View Tower devel­op­ment in Long Is­land City, New York.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.