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
Developer abandons troubled Hamilton Heights rezoning proposal
Developer abandons troubled Hamilton Heights rezoning proposal
Developer abandons troubled Hamilton Heights rezoning proposal
Damac Properties founder Hussain Sajwani and the Surfside collapse site (Damac, Getty)
Dubai developer revealed as $120M bidder for Surfside collapse site
Dubai developer revealed as $120M bidder for Surfside collapse site
Vorea, Domain and L+M close on $88M LIC development site
Vorea, Domain and L+M close on $88M LIC development site
Vorea, Domain and L+M close on $88M LIC development site
15 Hanover Place in Brooklyn (Google Maps)
Lonicera Partners developing 314-unit building in Brooklyn
Lonicera Partners developing 314-unit building in Brooklyn
Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
Longfellow Real Estate Partners CEO Adam Sichol with renderings of 310 East 67th Street (Friends UES, Rendering by DBOX, Longfellow)
Blood Center rezoning on Upper East Side approved
Blood Center rezoning on Upper East Side approved
Martin Nussbaum, Co-Founder and Principal of Slate Property Group and a rendering of 26-25 Fourth Street (Slate, Rendering via J Frankl Associates)
Bruman Realty lands $66M construction loan for Astoria apartment building
Bruman Realty lands $66M construction loan for Astoria apartment building
The inside of a Queens apartment damaged by Hurricane Ida (Getty)
Queens homeowners demand answers for flooding
Queens homeowners demand answers for flooding
arrow_forward_ios

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

Loading...