Triple Star Realty sells mixed-use development to unknown buyer for $115 million
One of the largest development sites in Flushing has been sold. Andy Zhu, of Triple Star Realty, sold a huge mixed-use development for $115 million. The site is addressed at 131-01 39th Avenue, the former home of Assi Plaza, a Korean supermarket. Real estate investor Yuk Ming Yip was the buyer. The site is huge, holding the development rights of over 630,000 square feet. It is located right next to the giant Sky View Parc complex, and every buildable square foot cost $182.
There is little information available regarding Yip, the new buyer. He is tied to the textile company Union Apparel Group located in the Garment District. Sources were able to confirm the purchase but Yip was not available for further comment.
As far as Zhu goes, neither he or a company representative were available for comment. The site Yip just purchased was acquired by Zhu back in 2015 for $78 million and financed by a loan from RWN Management. Before Zhu purchased it, the site exchanged hands in 2014.
Zhu’s original plans were very ambitious. He intended to turn the site into a mixed-use development that would include 360 condos, a hotel with 200 keys, medical facilities, parking lots, retail area and a supermarket.
Even though Triple Star realty got rid of this site, the company still owns the adjacent lot. This site spans 3.7 acres that was purchased last year for $100 million, or $115 per square foot. [The Real Deal]