Flushing development site trades for $48 million

Hang Dong Zhang plans 14-story, mixed-use condo at 138-28 Northern Boulevard

Ripco’s Andreas Efthymiou and Stephen Preuss with 138-28 Northern Boulevard
From left: Ripco’s Andreas Efthymiou and Stephen Preuss with 138-28 Northern Boulevard (Google Maps, Ripco, Getty)

A Queens development site changed hands and appears destined to join the list of Flushing residential projects.

Hang Dong Zhang acquired the site at 138-28 Northern Boulevard for $48 million from Kit Realty LLC, The Real Deal has learned. A RIPCO Real Estate team of Stephen Preuss and Andreas Efthymiou brokered the transaction.

The property, which includes a 13,700-square-foot building that was once home to Korean restaurant and catering service Kumgangsan, was last sold in 1991 for an undisclosed amount, city records show. The building is set to be demolished by the end of the year.

Zhang plans to redevelop the site into a 14-story, mixed-use condominium “driven towards residential with commercial and retail components,” Preuss said. The site has more than 143,000 buildable square feet and is the last undeveloped land parcel on the northeastern Flushing stretch of Northern Boulevard.

Zhang is expected to file building permits for the site in the next 30 to 60 days. The site does not qualify for the expired 421a tax break, making a condo the obvious choice over a rental project. It’s unclear how many units it will have.

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Zhang’s condominium would be the latest in a string of residential projects planned for Flushing.

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Brian Pun’s FSA Capital filed permits last month to build a 173,000-square-foot, mixed-use development at 133-09 37th Avenue. The 17-story building would have 102 residential units across roughly 71,600 square feet, as well as about 101,400 square feet for commercial use.

The project would also have a 313-space parking garage. It’s unclear if FSA’s site qualifies for 421a.

Developer Chris Jiashu Xu paid $103 million in April for a vacant property at 131-01 39th Avenue, where the previous owner filed permits to build a 19-story, 664,000-square-foot mixed-use project with two residential towers, a hotel and retail and community space.

A block south of Xu’s property, Xiaorong Zhai’s Jade Century Properties is developing a pair of 20-story buildings at 131-02 40th Road with a combined 386 condo units.