Bank of China backs plan to build luxury high-rise condos in Queens

A Flushing, New York-based company has secured a $100 million loan to develop a high-rise tower in Long Island City in Queens, New York.

Citing property records, The Real Deal reported Tuesday that Jiashu (Chris) Xu, the founder and president of United Construction & Development Group Corp and United Plumbing, Heating & Appliance Corp, refinanced the Long Island City site with a $100 million loan from the Bank of China.

Xu's firm plans to build a 78-story tower at 23-15 44th Drive on the site that was acquired from Citigroup Inc for about $143 million in 2015.

Called Court Square City View Tower, the building will feature 660 luxury residential units and 100,000 square feet of commercial space, according to the United Construction & Development Group website. The architectural firm for the project is Goldstein, Hill & West Architects.

The project is expected to break ground in 2017. Xu is the founder and president of United Construction & Development Group Corp. and United Plumbing, Heating & Appliance Corp.

At the age of 18, Xu emigrated with his family from China to the US. Eventually he became the founder and co-partner of United Plumbing, Heating & Appliance, and a plumbing and heating distributor in Queens, New York.

In 1996, Xu founded his second company that later became United Construction & Development Group.

paulwelitzkin@chinadailyusa.com