Sunset Park medical condo building seeks $76M sellout

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

TRD 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
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Mastercard CEO Ajaypal Singh with 150 Fifth Avenue and Facebook CEO Mark Zuckerberg with Moynihan Station in New York (Getty; Google Maps)

Facebook, Mastercard rethink office footprint

Facebook, Mastercard rethink office footprint
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg (Dorsey by Matt Crossick/PA Images via Getty Images; Zuckerberg by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

Silicon Valley embraces “work from anywhere” ethos

Silicon Valley embraces “work from anywhere” ethos
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
WeWork CEO Sandeep Mathrani (Credit: CNBC via YouTube)

WATCH: Sandeep Mathrani says WeWork paid 80% of its rent

WATCH: Sandeep Mathrani says WeWork paid 80% of its rent
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
Cushman & Wakefield Netherlands’ head Jeroen Lokerse

Cushman & Wakefield already has a social distancing office concept in development

Cushman & Wakefield already has a social distancing office concept in development
arrow_forward_ios

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

Loading...