Parterning with US-China Common Concern Committee
The U.S. Real Estate market has been heavily impacted by the challenges brought by COVID-19. Commercial real estate, for example, has seen shopping malls remain mostly empty under “lockdown” orders with many key tenants like Neiman Marcus, J.C. Penney and even Macy’s in or teetering on the brink of financial distress. Vacancy rates in residential multi-family buildings are rising. Even luxury cooperatives and condominiums are suffering.
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Colliers is the 3rd largest commercial real estate company in the world. Mr. Freedman joined the firm in 1974 when it operated as Williams Real Estate. He became a shareholder in 1985 and was subsequently elected to the Board of Directors when the firm transitioned to GVA Williams and later, FirstService Williams. Mr. Freedman’s principal areas of concentration have been tenant representation and corporate representation of major agency dispositions. He is a featured speaker in the industry and has delivered the keynote address of the Real Estate Board of New York on the state of the industry. He makes regular appearances as an industry spokesman on major media venues like MSNBC, CNBC, Fox, ABC and others.
Chris Xu is the founder and president of United Construction & Development Group, through which he is developing Skyline Tower, currently the tallest structure in Queens, New York City, and in all of New York State outside of Manhattan
Xu is currently building the largest skyscraper in the New York City borough of Queens, the Skyline Tower in Long Island City. The development site, containing approximately 780,000 buildable square feet, was purchased in 2015 from Citigroup, and subsequently refinanced with a $100 million loan from Bank of China in 2016.
By mid-2018, the project had secured over half a billion dollars from lenders, which by that time had included JP Morgan Chase and a consortium of other banks. Construction on the site began in 2017 and it is projected to go on the market in 2021, with condominiums priced from $500,000 to $4 million. The building topped-out in October 2019.