Hong Kong Supermarket owner lists Queens site for $92M

New York /
Feb.February 18, 2014 01:30 PM

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.


Related Articles

arrow_forward_ios
More than one in 10 homes sold in Hong Kong in 2019 was smaller than two parking spaces.  (Getty, iStock)

Nearly 15% of Hong Kong homes sold were micro flats

Nearly 15% of Hong Kong homes sold were micro flats
Peter Koo and the Flushing waterfront (Facebook, Flushing Waterfront, rendering by Jeff Strikeman Architectural Art)

Flushing … another project down the toilet?

Flushing … another project down the toilet?
GDS CFO Daniel Newman and the Hong Kong Stock Exchange (Getty)

China-US trade tension fuels data center giant’s secondary exchange listing

China-US trade tension fuels data center giant’s secondary exchange listing
Peter Hauspurg

Eastern Consolidated founder Peter Hauspurg dies

Eastern Consolidated founder Peter Hauspurg dies
41 Haight Street in Flushing and 1290 Viele Avenue in Bronx (Google Maps; iStock)

Deal for pizza-pan manufacturer rounds out last week’s mid-market sales

Deal for pizza-pan manufacturer rounds out last week’s mid-market sales
The Center in Hong Kong (Wikipedia)

World’s priciest skyscraper hasn’t escaped Hong Kong’s downturn

World’s priciest skyscraper hasn’t escaped Hong Kong’s downturn
Hong Kong Stock Exchange (Getty)

Chinese proptech firm Ming Yuan Cloud goes public

Chinese proptech firm Ming Yuan Cloud goes public
The apartment complex (CBRE)

US sells Hong Kong consulate apartments at big discount: $7K psf

US sells Hong Kong consulate apartments at big discount: $7K psf
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...