Developer Eastone Equities is planning to develop an eight-story mixed-use residential building in Flushing, Queens. Located at 142-26 and 142-38 Roosevelt Avenue, the structure will yield 40,000 square feet of residential space, 33,000 square feet of commercial space, and two sub-grade levels of parking. This week, Columbia Pacific Advisors Bridge Lending announced it has secured a $15 million loan to refinance the development.
“142-26 and 142-38 Roosevelt Avenue are highly desirable, contiguous parcels located in the core of Flushing, New York, allowing for an uplift in [floor area ratio] that provides a unique development opportunity to significantly enhance the neighborhood,” said Eric Jordan, senior vice president of real estate lending at Columbia Pacific Advisors. “We are excited to partner with an established New York-based real estate developer in Eastone Equities, and provide them with the needed flexibility to meet their development timeline.”
A preliminary rendering by Raymond Chan Architects depicts a floor-to-ceiling glass exterior set in a staggered pattern and topped with a landscaped rooftop. Mullions break up the boxy façade and further highlight the offset glass design.
Located just east of downtown Flushing, 142-26 and 142-38 Roosevelt Avenue is within walking distance of the Main Street subway station, serviced by the 7 train and the Flushing LIRR train station. Currently the 16,370-square-foot site is fully occupied by several retail and office tenants.
Construction is expected to begin in summer 2022. No demolition or new construction permits have been filed as of yet.