Downtown Flushing Site Sells to Condo Developer for $48M
By Mark Hallum October 21, 2022 3:09 pm
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A Queens developer has acquired a building in Downtown Flushing this week with plans to redevelop the site into a condominium building.
Hang Dong Zhang purchased 138-28 Northern Boulevard, a 13,702-square-foot building, for $48 million from Kit Realty, which has owned the property for over 30 years, according to brokers RIPCO Real Estate.
Kit Realty and Zhang could not be reached for comment.
The single-story structure currently standing is the former home of Korean BBQ joint KumGangSan. The new owners can build up to 143,526 square feet as of right.
“We were able to execute a compressed yet detailed marketing process to identify a buyer with plans to execute a mixed-use condominium driven towards residential with commercial and retail components,” Stephen Preuss, vice chairman of investment sales at RIPCO, said in a statement.
Preuss, Christian Allimonos, Andreas Efthymiou and Kevin Louie of RIPCO represented Kit Realty in the transaction.
The landscape of Downtown Flushing is changing fast, all the more so due to the massive Special Flushing Waterfront District development is completed, with the latest projection being 2025.
With the rezoning for the megaproject approved by the New York City Council in December 2020, the Special Flushing Waterfront District plans to add up to 1,725 units of housing, 400,000 square feet of office and community space, an 879-room hotel and 286,930 square feet of retail space along a previously undeveloped section of wetlands along Flushing Creek.
Mark Hallum can be reached at mhallum@commercialobserver.com.
