The Real Deal New York

Hong Kong Supermarket owner lists Queens site for $92M

February 18, 2014 01:30PM
By Mark Maurer

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41-60 Main Street in Flushing, Queens (Inset: Jeffrey Wu)

The owner of international grocery chain Hong Kong Supermarket is asking $92 million for his 100,500-square-foot commercial building in Flushing, Queens, The Real Deal has learned.

The retail-and-office property at 41-60 Main Street, near Sanford Avenue, is known as the Flushing Landmark building, although it is not landmarked. Eastern Consolidated executive managing director David Schechtman has the listing.

Last summer, Massey Knakal of Realty Services handled the listing, when the site was asking $88 million. But Wu re-listed it because he “received so many unsolicited offers that he couldn’t refuse,” Schechtman said.

The building offers 250 feet of frontage on Main Street and 100 feet on Sanford Avenue. The retail component is fully occupied, with tenants such as Capital One, MetLife, New York Community Bank and East West Bank. At least 200 square feet in office space is available, Schechtman said.

“The banks all pay below market because they’ve been there several years,” Schechtman told The Real Deal.

Wu is also developing Victoria Towers, a 21-story mixed-use building under construction at 133-38 Sanford Avenue in Flushing. Madison Realty Capital provided a $50 million loan in June for the project, which is slated to hold 99 condominium units and a 24,000-square-foot commercial space.

Wu, also the director of United International Bank, resides on the North Shore with his wife, Hong Kong film actress Veronica Yip. Hong Kong Supermarket operates one store in the city, at 68 Elizabeth Street.

In December, Schechtman brokered Fleet Financial’s $17 million deal for a 73,000-square-foot parcel in Corona that is triple-net leased to the Di Blasi Ford dealership, as The Real Deal reported.

  • FlipoutNYC

    I wonder if he took the air right to build the building next door. Originally the new building and the commercial building are both under one lot.

  • Sol Goldman

    Its a horrible layout with long term leases in play.

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