Korea Village Hits the Market at $32M
Lauren Elkies Schram April 4, 2014, 11:24 a.m.
Korea Village in Flushing, Queens, has been put on the market for $32 million.
Eastern Consolidated was tapped to market the fully occupied three-story (plus a mezzanine) shopping mall, at 150-24 Northern Boulevard.
“Korea Village presents a rare opportunity to own an impeccably maintained, cash flowing retail center, complete with guaranteed rent increases and expense reimbursement,” said Eastern Consolidated’s Ety Lee in a prepared statement. She and Eatern’s Adelaide Polsinelli and Nancy Tran are exclusively representing the seller. “The Class A shopping center also has frontage along three major thoroughfares, including more than 141 feet on Northern Boulevard.”
Together the 1997-built mall and 100-car parking facility encompass more than 65,000 square feet, plus there is more than 16,000 square feet of unused air rights available. Korea Village underwent capital improvements in 2006 and 2011, the latter totaling more than $1 million.