Century Development pays $1.4M for LIC dev rights

George Xu’s Century Development Group through its Mps Two, LLC acquired development rights from the Ginsberg family’s GDC Properties through the entity GDC LIC Owner LLC valued at $1.4 million for air rights transferred from 11-06 45th Road (and others) to 11-36 45th Road in Long Island City. The deal closed on February 8, 2021 and was recorded on March 1, 2021.

George Xu bought 9,408 square feet of development rights (TDRs) for $1.4 million or $149 per square foot. The last time the property sold was May 31, 2019 when Xu bought it for $26,017,450.
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