LIC Citigroup development site sells for $143M

THE COURIER/Photo by Liam La Guerre

A large site in Long Island City, owned by Citigroup, was sold last week to a Flushing-based developer for millions, according to a published report.

Citigroup sold the development site, north of One Court Square, to developer Jia Shu Xu of C&G Empire Realty for $143 million, The Real Deal reported on July 18.

In February, the site was reported to be up for sale and was estimated to go for $150 million.

The site is made up of nine parcels, located along 23rd Street between 44th Drive and 44th Road, each spanning 36,000 square feet.

The property has about 780,000 buildable square feet and most of the parcels are vacant, while others have industrial buildings. The zoning of the site allows for residential, office, retail and hotel space.