Chris Jiashu Xu files 213K sf Long Island City project

Chris Jiashu Xu’s love affair with Queens is growing. 

The developer behind the borough’s tallest building plans a 14-story, 213,000-square-foot building in Long Island City at a property he bought last year for $40 million.

His plans for 42-53 24th Street call for a mixed-use building, but it’s unclear if Xu’s latest development will be a rental building or condominium. The firm did not return a request for comment.

A rental project would likely require the property tax break 421a to get financing. The tax break expired in June 2022, but Xu bought the property several months before that and likely pre-qualified for 421a by installing footings. 

Still, his project would have to be completed by June 15, 2026, to qualify for the tax credit. The real estate industry has argued that that is not enough time for some developments, but the state legislature has ignored requests for an extension.

Without 421a, the profitability of rental projects in the outer boroughs is questionable, making it difficult to secure financing to build them. Xu’s development could, however, pencil out without 421a if he opts to build condo apartments, which have a tax abatement in place.

Xu is among the most active developers in Queens. Earlier this year, he bought the vacant property at 131-01 39th Avenue in Flushing from Young Nian Group for $103 million.

The developer also has plans for a 700-unit mixed-use complex in Rego Park, having paid Vornado $70 million for the development site in May. 

The mixed-use complex at 93-30 93rd Street will include up to 706 apartments, 200,000 square feet of commercial space, and 806 parking spaces. The site is zoned for up to 670,000 square feet of development. 

Separately, an unrelated developer filed plans Monday for a 370,000-square-foot, 10-story mixed-use project in Far Rockaway. The site, 116 Beach 36 Street,  is steps away from the Rockaway boardwalk, home to the largest beach in New York City.

Correction: An earlier version of this story misidentified the developer who filed plans for 116 Beach 36th Street. It was not Chris Jiashu Xu.

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