The Real Deal New York

Sunset Park medical condo building seeks $76M sellout

Winley Plaza Condominium files most expensive condo offering of any kind in Sunset Park

January 29, 2016 06:10PM
By Rey Mashayekhi

5515 Eighth Avenue

Rendering of 5521 Eighth Avenue in Sunset Park (credit: Raymond Chan via New York YIMBY)

A group of Flushing investors building a medical condo development in Sunset Park are seeking a total sellout of nearly $76.3 million for the property in what would be the most expensive condo offering of any kind to date in the Brooklyn neighborhood, according to a TRData analysis.

The Winley Plaza Condominium, at 5521 Eighth Avenue in Brooklyn, will stand six stories and hold 41 commercial condo units across roughly 42,500 square feet of space, according to permit applications filed with the city’s Department of Buildings.

Flushing developer Andy Wong is building the project, located in the heart of Sunset Park’s Chinatown, alongside nine other partners in Wong’s Golden Eighth Avenue Realty Corp., according to a condo offering plan filed Tuesday with the state attorney general’s office.

Wong’s entity has owned the property – located two miles south of Jamestown’s massive Industry City office redevelopment near the South Brooklyn Marine Terminal – since 1989, according to city property records.

The Winley Plaza Condominium is projected to cost approximately $33 million and benefitted from around $8 million in EB-5 funding, New York YIMBY reported in 2014.

In addition to medical offices on its upper floors and 13,000 square feet of retail space on its ground floor and mezzanine level, the building will also house an automated parking facility capable of holding around 150 vehicles.

Flushing architect Raymond Chan, who is designing the Winley Plaza, confirmed the building’s plans and said the project is already under construction. Wong declined to comment on the development.

Will Parker contributed to this report