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 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.