Chris Xu signs contract to buy additional Flushing waterfront site, seller is Young Nian Group

Chris Jiashu Xu’s United Construction & Development Group through the entity Flushing Waterfront LLC signed a contract to buy from Young Nian Group the development site (V1) at 131-01 39th Avenue in Flushing, Queens. The closing date and price were not disclosed.
The memorandum of contract was signed on October 27, 2021 and was recorded on November 16, 2021.
This is a contract to buy a parcel within the Flushing West Rezoning that fronts on Flushing Creek. Young Nian Group acquired this parcel in 2017 for $115 million. United Construction was already disclosed as a developer in the overall 29-acre, multi-developer project that also includes F&T Group. The sale contract is dated October 27, 2021, and no anticipated closing date or price was disclosed in the memorandum of contract. United Construction already owns 131-01 Roosevelt Avenue, a parcel to the south of this one.

The seller had filed plans in 2019 for a 664,000-square-foot mixed-use project with 368 residential units.

United Construction & Development built the tallest tower in Queens, a condo building. Xu’s company has paid $26 million for three parcels in Long Island City and Woodside over the past two years. United Construction was already identified as a developer in the Flushing waterfront project.

The signatory for Young Nian Group was Michael Pang. The signatory for United Construction & Development Group was Chris Jiashu Xu.

Within a 400-foot radius of 131-01 39th Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which United Construction & Development Group borrowed $25 million from Bank Hapoalim secured by the development site (V1) on 131-01 Roosevelt Avenue on May 13, 2020.

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