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F&T Group shooting for $173.6M sellout at Tangram South
With offering plan for second Tangram building, developers aim for more than $275 million in sales
The F&T Group is looking to sellout its proposed Tangram South condominiums in Flushing, Queens for $173.6 million, filings with the New York state Attorney General’s office show.
The 192-unit development, which will also offer 111 units of storage for sale, has an address of 133-27 39th Avenue and is located near Flushing’s Main Street subway station.
The Flushing-based firm is developing the condo with SCG America as part of its four-building, 1.2 million-square-foot Tangram project. (It was previously known as Two Fulton Square.) In December, the developers filed an offering plan for a 47-unit office condo at the site with a target sellout set at $103.5 million. Together, the two condo plans show F&T [TRDataCustom] is looking to bring in more than a quarter billion dollars in sales from Tangram, and since the developers previously announced the development would eventually bring 300 condos to market, another residential offering plan is likely on the way.
In addition to condos, 86,901-square-feet of office space and a hotel, Flushing residents can also expect Tangram to give them their first movie theatre since the RKO Keith’s Theater closed in 1986.
A spokesperson for F&T did not return a request for comment.
F&T is one of the busiest developers in Flushing, and is simultaneously at work with AECOM Capital and Rockefeller Development on the five-building Flushing Commons project, a 1.8 million-square-foot office and residential venture. The project is expected to bring more than 600 condos to market by 2021, as The Real Deal reported.
For decades a hub of immigrants, Flushing has seen its Asian and Chinese population explode in recent years, with Chinese residents nearly doubling between 2000 and 2010, according to census records. That demand has sparked a condo construction boom, with Onex Real Estate Partners’ Sky View Parc condo towers that sit atop the SkyView Center mall, the neighborhood’s most prominent example.
Correction: An earlier version of this article incorrectly cited the planned square footage of office space at Tangram.