Wing-Fung Realty Group, led by Andy Chau, plans to bring a pair of mixed-use residential towers spanning 550,000 square feet to Flushing, according to permits filed with the city’s Department of Buildings Friday.
The development, at 131-02 40th Road, will feature two buildings that both reach 19 stories, with 276,000 square feet of residential space and 278,000 square feet of commercial space, permits indicate. Wing-Fung plans 326 apartments between the two towers, as well as a community facility. Filings don’t indicate if the apartments will be condos or rentals.
The Queens-based developer bought the site from Sam Chang’s McSam Group last year for $44.5 million after the hotel mogul said he “no longer believed” in the Flushing market.
Chau isn’t the only developer who thinks Chang erred on that calculation. Chinese developer Xinyuan Real Estate last month paid $66 million for the RKO Keith’s Theater, and plans to build 269 condo units on the site. Sources told The Real Deal that the condos will be priced between $1,150 and $1,300 a square foot.