The Real Deal New York

Hong Kong Supermarket owner gets $109M refi for Flushing building

Bluestone Group gives its largest loan to date
By Eddie Small and Mark Maurer | January 11, 2018 05:50PM

41-60 Main Street and Eli Tabak (Credit: Google Maps)

Hong Kong Supermarket owner Jeffrey Wu has received a $109 million refinancing for his commercial building at 41-60 Main Street in Flushing, The Real Deal has learned.

The loan comes from Eli Tabak’s Bluestone Group and consists of a $94 million first mortgage and a $15 million mezzanine loan. The deal closed on Friday, after which Bluestone syndicated a portion of the debt to Madison Realty Capital.

No brokers were involved with the transaction, which is the biggest loan Bluestone has made by a wide margin. Their second largest loan was $32 million for a site on Dupont Street in Greenpoint, sources said.

Tabak declined to comment, and Wu did not respond to a request for comment.

Wu had previously tried to sell the retail-and-office property at 41-60 Main Street for $92 million. The site spans 100,500 square feet.

Flushing has been lately been overflowing with real estate projects, with more on the way. An Onex Real Estate Partners team is planning a 100-unit residential project at 144-74 Northern Boulevard, and a pair of Chinese developers are moving forward with a 28-unit condo located right next to the Long Island Railroad at 136-46 41st Avenue that they call the “Flushing Highline.”