The Real Deal New York

Korean supermarket in Flushing sells for $55M

Hospitality developer King's USA purchases site across from Willets Point

September 26, 2014 01:55PM
By Mark Maurer

rhee

Robin Rhee and 131-01 39th Avenue in Queens

Hanover, Md.-based Asian food distributor Rhee Brothers sold its flagship Korean grocery store Assi Plaza in Flushing, Queens, for $54.6 million, according to property records filed today.

An affiliate of local hospitality development firm King’s USA Group bought the nearly 100,000-square-foot, two-story property at 131-01 39th Avenue, near College Point Boulevard and just across the canal from Willets Point.

Assi Plaza in Flushing opened in 1994 and was the first of six similarly branded supermarkets in the U.S., all of which are owned by Rhee Brothers. The site offers roughly 474,000 buildable square feet. The buyer’s plans are unknown.

Rhee Brothers declined comment, while King’s USA could not be immediately reached.

Elsewhere in the area, Real Hospitality Group opened a 13-story Parc Hotel at 39-16 College Point Boulevard in March, as previously reported. Nordstrom Rack opened earlier this month at SkyView Center, 40-24 College Point Boulevard, as previously reported.

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