Developer plans 632K sf Flushing mixed-use complex

Triple Star Realty acquired site from King's USA Group for $90M

New York /
Jul.July 15, 2015 11:30 AM

An affiliate of Triple East Construction acquired the site of a former Asian grocery store in Flushing for more than $90 million, and has plans to build a 632,000-square-foot mixed-use development.

The Queens-based developer, Triple Star Realty LLC, bought the 100,000-square-foot property, at 131-01 39th Avenue in Flushing, from an affiliate of New York development firm King’s USA Group. Plans call for a mixed-use waterfront complex featuring a 360 residential condos, a 200-room hotel, a supermarket and other retail space.

The King’s USA Group affiliate acquired the property from Maryland-based food distributor Rhee Brothers for $55 million last year, The Real Deal reported.

Private lender RWN Management funded the purchase with a $42 million bridge loan, according to the New York Observer, with financing arranged by an Eastern Consolidated capital advisory team led by Jonathan Aghravi and Charles Han.

Triple Star Realty is in the pre-development stage and plans to seek construction financing in the next three to six months. The project, expected to take three years to complete, will stand out among the largest projects in an area that includes Sky View Parc, Flushing Commons and Willets Point[NYO]Rey Mashayekhi


Related Articles

arrow_forward_ios
Clockwise from left: Flushing’s Main Street, City Point in Brooklyn and Bronx’s Fordham Road (Getty)
Manhattan’s retail loss is outer boroughs’ gain
Manhattan’s retail loss is outer boroughs’ gain
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?
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
Placeholder image
Flushing developer throws mini-empire into bankruptcy
Flushing developer throws mini-empire into bankruptcy
133-25 37th Avenue in Flushing
Developer Gary Tsan buys Flushing property for $60M
Developer Gary Tsan buys Flushing property for $60M
136-18 Maple Avenue (Credit: Google Maps)
Flushing real estate boom continues with another mixed-use project
Flushing real estate boom continues with another mixed-use project
Golden Shopping Mall at 41-28 Main Street in Flushing (Credit: Google Maps)
Woman killed by panel that fell from Queens strip mall: officials
Woman killed by panel that fell from Queens strip mall: officials
arrow_forward_ios

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

Loading...