RIPCO Investment Sales Team Brokers $48M Deal in Flushing, NY

10/20/22

A Queens developer, Hang Dong Zhang, is looking to bring a 14-story condominium project to Flushing. Zhang acquired a site at 138-28 Northern Boulevard for $48 million from Kit Realty LLC. The property, includes a 13,700-square-foot building that was once home to Korean restaurant and catering service Kumgangsan. RIPCO Investment Sales team Stephen R. Preuss and Christian Allimonos brokered the transaction.

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.

Read More: The Real Deal – Queens Developer Plans 14-Story Condo in Flushing

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