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Overview

Bank of China provides a loan for The Farrington Project

Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2019
End (actual)
Sep 21, 2021

Geospatial footprint

Map overview

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The proceeds were used by the borrower to finance The Farrington, a mixed-development consisting of a 100-unit residential luxury condominium (including indoor pool and rooftop grill area), a 15-story 210-key hotel, Four Points by Sheraton, and retail space, Farrington Mall, with eight retail units of space at 33-66 Farrington Street on 35th Avenue in downtown Flushing, Queens, New York City, New York. The exact address is 33-66 Farrington Street, Flushing, NY 11354. More detailed locational information can be found at https://www.openstreetmap.org/way/835566638 and https://www.openstreetmap.org/way/835566637

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Century Development Group LLC

Implementing agencies

Private Sector

  • Lemay Architecture, D.P.C (Lemay ID)
  • Raymond Chan Architect P.C.

Loan description

Bank of China provides a loan for The Farrington Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In or prior to 2019, the Bank of China (BOC) entered into a construction loan agreement with Century Development Group LLC — a United States-incorporated real estate company real estate developer owned by George Xu, a China-born developer based in Flushing — for The Farrington Project. The proceeds were used by the borrower to finance The Farrington, a mixed-development consisting of a 100-unit residential luxury condominium (including indoor pool and rooftop grill area), a 15-story 210-key hotel, Four Points by Sheraton, and retail space, Farrington Mall, with eight retail units of space at 33-66 Farrington Street on 35th Avenue in downtown Flushing, Queens, New York City, New York. Raymond Chan Architect P.C. was the project architect. Lemay ID was responsible for the interior designs of the project. On December 30, 2019, the New York City Department of Buildings issued a temporary certificate of occupancy. The project was completed in summer 2021.

Staff comments

1. It is plausible, if not likely, that the specific intended borrowing institution was a special purpose vehicle subsidiary of Century Development Group. This issue merits further investigation. 2. This project is also known as The Farrington Tower Project.