Prolific developer Chris Xu and his partner appear to have assumed full ownership of a Sunset Park banquet hall.
Frank Wong’s Wong Bros. Realty has sold 6201 Sixth Ave. to the Queens-based real estate executive and developer Ki Tai Yeung for $21.4 million, according to property records. Although Wong previously sold this same site to a Xu- and Yeung-connected entity for $21.4 million in 2022, Wong Bros. itself was listed as one of the buyers in that deal, indicating that the firm was at least keeping a stake in the building. This time, Wong Bros. is listed in the deed only as the seller.
A representative for Xu did not respond to a request for comment by press time. Yeung and Wong could not be reached.
Wong Bros. Realty had purchased the Sunset Park site in 2003 for $6 million, according to property records. The 3-story property dates back to 1922 and spans about 74,000 square feet, according to the commercial real estate database CoStar.
The property is well known for being home to the Chinese restaurant and banquet hall Golden Imperial Palace, but that establishment appears to have closed in the wake of Covid. The listed phone number is no longer functioning, and the eatery did not respond to an email by press time. Owner John Chan told The New York Times for an April 2021 story on the struggles of Brooklyn’s Chinatown that he would be “finished” if things did not get better.
Xu leads the Corona-based firm United Construction & Development and has stayed fairly active in real estate this year despite an overall slow market. He purchased a Long Island City site from Fisher Bros. at 42-50 24th St. in February for $57.5 million and has multiple other projects in the works as well. These include a mixed-use development at 24-03 43rd Ave. that will span 213,000 square feet with 217 residential units and a pair of residential buildings at a former outdoor pool in Flushing with 95 residential units overall.
Yeung has reportedly worked with Xu on his 67-story luxury condo project in Long Island City known as Skyline Tower. The development is the tallest building in Queens and Xu’s highest-profile project.
Eddie Small , 2024-05-29 19:24:44
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