Kasowitz Represents Young Nian Group in the Sale of Queens Megaproject
Kasowitz Benson Torres represented real estate developer Young Nian Group in the $103.75 million sale of a development site located at 131-01 39th Avenue in Flushing, Queens in New York City. Permits for a 19-story mixed-use building to be comprised of 664,000 square feet, which will include two residential towers, one hotel tower, and retail and community spaces, were previously filed for the site. The buyer, Chris Jiaxhu Xu, founder of United Construction and Development Group, financed the transaction with a $68 million loan from the Bank of China.
The Kasowitz team representing the Young Nian Group was led by real estate partner Darwin Huang and included associate Kathleen M. Maurer.