Chris Jiashu Xu, through his company United Construction and Development, has acquired 41-60 Main Street in Flushing for $64.3 million, according to a report from Crain’s. The property is a three-story building spanning 104,000 square feet, with the purchase price equating to about $618 per square foot.
The seller was Madison Realty Capital. The transaction was arranged by a JLL team that included Ethan Stanton, Michael Mazzara, and Drew Isaacson.
Madison Realty Capital had purchased the property less than two years ago from Jeffrey Wu’s Flushing Landmark Realty for $80 million. Wu’s properties have been affected by bankruptcy proceedings over recent years due to mezzanine loans tied to his real estate holdings.
Xu did not provide comments regarding future plans for the building. The site is currently fully leased, with tenants such as Capital One Bank, MassMutual Insurance, and Preferred Bank occupying space.
United Construction and Development has been active in Queens’ real estate market. Earlier this year, the firm submitted plans for a new project at 61-06 Junction Boulevard in Rego Park. This proposed development would include two towers—22 and 28 stories tall—with a total of 630 residential units on a vacant lot measuring approximately 139,000 square feet. The overall development would span around 660,000 square feet and feature commercial space as well as facilities for community use.
The company previously developed Skyline Tower in Long Island City—the tallest completed building in Queens—as well as other projects like The Cube at 24-01 43rd Avenue in Long Island City and Whitestone Manor at 137-08 31st Road in Flushing.
In related news outside New York, Five Star Development recently filed for Chapter 11 bankruptcy protection regarding its Scottsdale project known as The Palmeraie. This move aims to prevent what Five Star claims is wrongful foreclosure by lender Madison Realty Capital.
