Andy Chau’s Wing-Fung Realty Group planning mixed use residential towers in Flushing.
As first reported by The Real Deal, Andy Chau filed plans last week to develop a pair of mixed use towers that will span 550,000 SQFT in Flushing, Queens. The development at 131-02 40th Road was purchased back in October for $45.1MM. There will be two buildings consisting of 19 stories each and will have around 276,000 SQFT in residential space and 278,000 SQFT in commercial space. The files didn’t mention what the apartments would be designated for but Chau is planning to have around 326 apartments between the two towers
There has been some activity recently of luxury developments in Downtown Flushing as reported by Queensbeans.com, Chinese developer Xinyuan Real Estate paid $66MM for the RKO theater and plans to build 269 condos. The Flushing market has stayed relatively strong despite mixed reviews and lack of confidence by big name developers.