Sam Chang’s Great Neck-based McSam Hotel Group has sold their development site at 40-70 Delong Street, in downtown Flushing, to Flushing Point Holdings LLC for $44.5 million, according to Commercial Observer. The property consists of two tax lots currently occupied by a two-story warehouse building, but boasts 394,930 square feet of commercial development rights or 557,549 square feet of rights with the inclusion of community facility space. Plans for the site have not been disclosed.
The polluted waterfront blocks in eastern Queens known as Flushing West are an industrial wasteland: vacant lots, warehouses, a scrap metal business, a lumber yard, a U-Haul rental. But the city hosted a meeting Wednesday night laying out its plan to rezone the 10-block swath along Flushing Creek and revitalize the area with new residential development.
Towards the end of August, the New York Times provided an update on Flushing Commons, a 1.8-million square-foot mixed-use development underway in downtown Flushing, and now Commercial Observer has the latest news on the project. The first phase includes an 11-story, 164,000 square-foot office building at 38-18 Union Street, and steel is now at the third floor above street level, with the structure expected to be complete by November 2016. F&T Group, The Rockefeller Group and AECOM Capital are developing, and Perkins Eastman is designing.
George Xu’s Century Development is transforming Flushing with big mixed-use projects, and YIMBY has a look at their latest development, a 14-story condo-hotel hybrid planned at 134-37 35th Avenue, on the corner of Farrington Street.
Early in 2014, YIMBY revealed renderings of Flushing Commons, a 1.8-million square-foot mixed-use development coming to downtown Flushing, located on the former municipal parking lot between 37th and 39th Avenues, and Union and 138th Streets. Last summer, the developers broke ground on phase 1, which includes 148 condominiums and 220,000 square feet of commercial space, and now The New York Times has an updated rendering, showing buildings with slightly more glass than before.