Developer Gary Tsan buys Flushing property for $60M

Site at 133-25 37th Avenue allows for roughly 205K buildable sf

New York /
Feb.February 21, 2020 09:47 AM
133-25 37th Avenue in Flushing

133-25 37th Avenue in Flushing

Local developer Gary Tsan has purchased one of Downtown Flushing’s last remaining large land parcels for $60 million, according to sources familiar with the deal.

The roughly one-acre lot is based at 133-25 37th Avenue and allows for about 205,000 buildable square feet as of right. The land is likely best suited for a mixed-use development with retail, hotel and residential space, sources said.

The site is currently home to a two-story industrial building, according to the city.

Cushman & Wakefield’s Stephen Preuss

Cushman & Wakefield’s Stephen Preuss

Cushman & Wakefield’s Stephen Preuss brokered the deal. He declined to comment.

The Chinese developer and school operator Yihai Group had purchased the site in 2013 for $28.8 million, according to property records. The company had filed plans in 2018 for a 19-story hotel, residential and retail building on the site. The project would have spanned about 200,000 square feet with 146 residential units and 360 hotel rooms on the second through seventh floors.

Tsan could not be reached for comment, and Yihai Group did not immediately respond to a request for comment.

Flushing has been in the midst of a huge development boom over the past few years. An entity tied to Queens investor Shun Qian Liu just bought congregation Temple Gates of Prayer’s two-story synagogue at 38-20 Parsons Boulevard in December for $37.5 million, and developer Vicki Zhi filed plans for a roughly 106,000-square-foot development in January at 136-18 Maple Avenue.


Related Articles

arrow_forward_ios
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
43 Greenway Terrace in Forest Hills (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow)
TRD Pro: Queens’ top 10 neighborhoods for Q3 home sales
TRD Pro: Queens’ top 10 neighborhoods for Q3 home sales
Silverstein Properties' Marty Burger, City Council Speaker Adrienne Adams, BedRock Real Estate's Tracey Appelbaum, City Council member Julie Won and Mayor Eric Adams with rendering of Innovation QNS (Silverstein Properties, Getty, New York City Council, Innovation QNS)
5 lessons from Silverstein’s Astoria deal
5 lessons from Silverstein’s Astoria deal
Mayor Eric Adams, Related Companies' Stephen Ross and Sterling Equities' Fred Wilpon with a rendering of the soccer stadium (The Related Companies, Sterling Equities, Getty)
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
Long Island developer Robert DiNoto (Getty, Google Maps, Robert DiNoto)
Tri-state roundup: LI developer divests after guilty plea
Tri-state roundup: LI developer divests after guilty plea
Crime, money laundering,
Scammer posing as real estate developer sentenced for laundering
Scammer posing as real estate developer sentenced for laundering
89-01 165th Street in Jamaica (Google Maps)
Fruchthandlers buy Queens development site for $51M
Fruchthandlers buy Queens development site for $51M
arrow_forward_ios

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

Loading...