131-01 39th Avenue
Update
04/25/22
Big Plans Ahead as Flushing Development Site Sells for $103M
A large development site, located at 131-01 39th Avenue in Flushing, Queens has just been sold for $103 million. The site was purchased by Chris Xu of from the previous owner, , in a deal brokered by JLL.
At square feet, the lot offers a large buildable potential of 663,678 square feet. But while this figure is impressive, greater plans are in store for the property. The land is part of a massive redevelopment plan that would stretch multiple lots along the Flushing Creek waterfront.
While the master plan doesn't have an actual name yet, United, along with F&T Group have already filed permits for a 3-tower, mixed-use building, to be built at the acquired site. Designed by PEI Architects and Hill West, it would contain apartments units, office space, retail, and a 5-star hotel with 320 rooms.
The master development as a whole could offer up to 1,725 apartments and total 3.4 million square feet. The entire project could potentially cost $2 billion and would take several years to construct.
