Chris Xu seeks to enforce alleged contract to purchase LIC site encumbered with $10M mortgage

Developer Jiashu “Chris” Xu filed a suit though his company LIC Property Holdings LLC to enforce a sale of the commercial property at 37-08 34th Street in Long Island City, Queens.

The building is a 19,660-square-foot, single-story commercial building at the corner of 37th Avenue and 34th Street. The Queens-based brokerage Pinnacle Realty of New York was marketing the building.

The lawsuit claims that the Xu’s entity and the property owners had executed a contract of sale, and that the property owners breached that contract.

This suit only represents the position of the plaintiff and allegations in legal filings may or may not be accurate. PincusCo has not reached out to the parties, and this information is based on the court filing.

The suit says the sale agreement was most recently memorialized in a September 16, 2020, second amendment contract of sale.

The individuals that are members of the entity that owns property, are part of the Rancic family that has owned the building since 1999.

The property owners borrowed $10 million from Silver Point Finance in December 2018.