Another megaproject coming to Flushing

Mixed-use development slated for site acquired two years ago for $115M

Nov.November 14, 2019 11:49 AM
131-01 39th Avenue in Flushing (Credit: Google Maps)

131-01 39th Avenue in Flushing (Credit: Google Maps)

The real estate boom in Flushing will continue with yet another megaproject.

The development, at 131-01 39th Avenue, will span about 664,000 square feet, including 339,000 square feet of residential space, 314,000 square feet of commercial space and 11,000 square feet of community space, according to plans filed Tuesday with the Department of Buildings. It will stand 19 stories and 245 feet tall with 368 residential units.

Queens developer Andy Zhu sold the site in 2017 for $115 million to real estate investor Yuk Ming Yip. It is the former home of Korean supermarket Assi Plaza and holds more than 600,000 square feet of development rights.

Zhu had purchased the site in 2015 for $78 million and planned to build a mixed-use project with 360 residential condos, a 200-key hotel, medical offices and retail space that would include a supermarket. The property is next to a 3.7-acre site that Queens developer Chris Xu bought in 2016 for roughly $100 million.

Representatives for Yip did not respond to a request for comment.

Other major projects in Flushing include a more than 300,000-square-foot mixed-use development from Kimco Realty at 46-15 Kissena Boulevard and a 101-unit mixed-use development at 134-37 35th Avenue from Century Development Group.

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