The Real Deal New York

Korea Village in Flushing back on the market for $30M

Emmut’s formerly distressed shopping center offers 95K buildable sf

February 10, 2015 11:00AM
By Mark Maurer

korea-village

150-24 Northern Boulevard in Flushing (inset: Richard Guarino)

Less than a year after taking the Korea Village shopping center in Flushing off the market, Emmut Properties is making another attempt to sell it, The Real Deal has learned.

The nearly 78,000-square-foot property at 150-24 Northern Boulevard, near 150th Place in Queens, is asking $30 million. The three-story mall, which opened in 2006 and was bought out of foreclosure in 2011, offers 95,000 buildable square feet.

Last year, Emmut hired an Eastern Consolidated team led by Ety Lee and Adelaide Polsinelli to market the building for $32 million, but did not accept any offers. Now, Richard Guarino of Friedman Roth Realty Services is serving as the broker.

The property has a 5.3 percent cap rate, according to the broker, and is fully leased with tenants such as the Cosmos Department Store, Wilshire State Bank and wedding venue Dae Dong Manor.

Construction on the mall, formerly called Seoul Plaza, began in 1997, but the project stalled several times. The previous owner, Daniel Lee of Roosevelt Avenue Corp., later filed for bankruptcy after years of mismanagement, Guarino said.

Emmut, a Hell’s Kitchen-based investment firm, acquired Korea Village for $13.4 million at a 2011 foreclosure auction.

“All the tenants stayed and were written new leases after Emmut took control and made some major capital improvements,” Guarino said.

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