Sunset Park medical condo building seeks $76M sellout

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

New York /
Jan.January 29, 2016 06:10 PM

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


Related Articles

arrow_forward_ios
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
SL Green's Marc Hollday, 635-641 Avenue of the Americas, Infor's Kevin Samuelson. (Infor, SL Green)
Software company Infor renews 90K sf Chelsea lease
Software company Infor renews 90K sf Chelsea lease
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Sam Zell of Equity Commonwealth and Michael Landy of Monmouth Real Estate Investment (Getty, ACRE)
Sam Zell acquires Monmouth Real Estate for $3.4B
Sam Zell acquires Monmouth Real Estate for $3.4B
Colliers International CEO Jay Hennick (Colliers, iStock)
Colliers’ acquisitions help boost company’s Q1 revenue
Colliers’ acquisitions help boost company’s Q1 revenue
Photo illustration of CoStar CEO Andrew Florance (iStock, CoStar)
CoStar lures workers back to offices with cash prizes, Teslas
CoStar lures workers back to offices with cash prizes, Teslas
440 West 57th Street and 15 Park Row (Google Maps)
NY investment sales hit lowest point since pandemic began
NY investment sales hit lowest point since pandemic began
Steven Steckel, Oliver Schwalbe and Jeff Adler (Getty)
Influencer co-working, Knicks practice space: The future of NYC real estate?
Influencer co-working, Knicks practice space: The future of NYC real estate?
arrow_forward_ios

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

Loading...