Vornado sold its Rego Park development site for a sizable discount as the REIT unloads assets in an inhospitable sales market.
The Steve Roth-led company sold the site at 93-30 93rd Street in Rego Park for about $70 million to Queens developer Chris Jiashu Xu, sources told The Real Deal. Traded NY first reported news of the sale.
Xu, the founder of United Construction and Development Group, is the developer of the tallest building in Queens, the 67-story Skyline Tower in Long Island City. He could be planning another condominium project on the Rego Park site, as developers have all but stopped building rental housing on sites that do not qualify for 421a.
His newest purchase is next to Vornado’s Rego Center shopping mall and across the street from the 312-unit Alexander apartment building the company developed in 2015. It holds about 670,000 square feet of development rights.