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