42-50 24th Street

Developer Chris Jiashu Xu has acquired a Long Island City development site at 42-50 24th Street for $57.5 million. The property, previously owned by a joint venture involving Fisher Brothers and the Hakim Organization, is situated near another project by Xu at 42-53 24th Street. While Fisher Brothers had submitted plans for a 240-unit mixed-use project with apartments and hotel rooms in 2019, the foundation wasn’t completed in time to qualify for the 421a tax break, expiring in June 2022. Xu, known for projects like the 67-story Skyline Tower, is likely to develop condominiums on the newly acquired site.