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

New York /
Mar.March 09, 2017 12:25 PM

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 TRData LogoTINY 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.


Related Articles

arrow_forward_ios
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Businessman arguing with buildings
The bickering bros: Jemals escalate battle over portfolio
The bickering bros: Jemals escalate battle over portfolio
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
A photo illustration of The Artisan Hotel at 1501 W Sahara Ave in Las Vegas (Getty, LoopNet)
Las Vegas to get its first cannabis-friendly hotel
Las Vegas to get its first cannabis-friendly hotel
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Small Property Owners of New York spokesperson Ann Korchak
As rent-relief portal closes, shafted landlords consider suing state
As rent-relief portal closes, shafted landlords consider suing state
arrow_forward_ios

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

Loading...