The Real Deal New York

Flushing boom continues as dev site sells to Eastone Capital for $23M

Flushing boom continues as dev site sells to Eastone Capital for $23M
By Eddie Small | October 11, 2017 04:35PM

141-57 Northern Boulevard (Credit: Cushman & Wakefield)

The deals in Flushing just keep on coming.

Eastone Capital Partners, a Long Island-based real estate investment company, is under contract to buy a development site at 141-57 Northern Boulevard for $23 million, according to a source familiar with the deal.

The roughly 23,000-square-foot site is currently occupied by a Bank of America branch and the headquarters for the International Union of Operating Engineers Local 14-14B. It will remain as is for about two years until Bank of America’s lease runs out. The developer then plans to demolish the building and turn the site, which has about 68,000 square feet of mixed-use development, into a project with retail and condos.

Stephen Preuss of Cushman & Wakefield brokered the deal and said in a statement that he expected this area of Flushing to see more interest going forward.

“Downtown Flushing has seen such an increase in pricing for land, many developers are looking at the secondary areas on the fringe of downtown such as Northern Boulevard for more sensible price points,” he said. “I expect this trend to continue.”

Eastone has several projects in Queens already, not just in Flushing but also in Long Island City, Ridgewood and Astoria, according to their website.

Flushing is filled with projects right now, to the point where some worry that the neighborhood is being overdeveloped. Projects include the massive Tangram project on 39th Avenue and Onex Real Estate Partners’ Sky View Parc.