Chinese Buyer Pays $66M for Queens, NY Acreage

Xinyuan Real Estate Co. Ltd. acquired a parcel of land at 135-35 Northern Blvd. in Flushing, Queens, NY. The Chinese buyer, through U.S. development arm XIN Development Group International Inc., paid $66 million for the acreage.

Formerly the site of RKO Keith’s Theater, Xinyuan’s plan is to build 269 condominium units and second-floor retail space. The land can hold up to 372,598 square feet.

“We are very pleased to be developing our third major project in the New York residential real estate market,” said Yong Zhang, Xinyuan’s Chairman. “The location for this project in downtown Flushing is ideally situated particularly as there is a shortage of inventory in the higher-end condominium segment.”

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