Former Flushing supermarket Site Planned for Huge mixed-use waterfront complex – 131-09 39th Avenue
Remember the former Asian grocery in Flushing, Assi Plaza? Well, this site is about to change into a waterfront complex.The property is about to change hands for a redevelopment project, as reports says.
Eastern Consolidated’s Capital Advisory Division has just recently negotiated the sale of this property for more than $90 million, $42 million of which is funded by a bridge loan from a private lender in the behalf of Triple Star Realty LLC. This loan is used to cover the 100,000 square foot property where the Supermarket is. The total acquisition cost is said to be more than $90 million.
Triple Star Realty is reported to be planning to raze the current Supermarket structure to develop a 631,752-square-foot, mixed-use waterfront complex. This project is said to be consisting of 360-unit condominium and a 200-room hotel. The complex will also have its own supermarket, retail and office space for rent, and parking.
This project is anticipated to be comparable to other large-scale projects including the Sky View Parc, Willets Points, and Flushing Commons.
Assi Plaza had been a part of the Flushing community from 1994 until September 2014. It was then sold to Outlet Plaza LLC by Rhee Brother Inc. which owns the Supermarket.
According to Jonathan Aghravi, “Through Eastern’s close relationship with the lender and the hard work of all involved, we were able to negotiate a larger loan and facilitate the closing,” Jonathan is the managing director of Eastern Consolidated’s Capital Advisory Division, leading the financing team.
“We now look forward to working with the borrowers on procuring the construction financing for the project.”, says Jonathan.