3.7 Acre Site In Flushing On Sale For $120M
A group of investors who own a long-vacant 3.7-acre plot in Flushing is looking to sell for upwards of $120M.
Led by Chaim Rabad and Reuven Rivlin, the group bought the site at 39-08 Janet Place in 2006 for $26M from Vintage Group.
They’d drawn up plans to turn its as-of-right 870k of buildable SF into a mixed-use development with hundreds of condo units, but the project never got off the ground once the recession hit, The Real Deal reports.
The site has a lot of potential, and there’s been plenty of interest in nearby lots. An affiliate of King’s USA Group bought the Assi Plaza site for $55M in 2014, and the Blackstone Group picked up the retail and parking garage at Sky View Parc for $400M last year.
The site also faces plenty of challenges, however.
The owners have been involved in a number of lawsuits involving the plot, and a TRD source says the lot’s size “narrows the possibility of who can pull this together,” adding that “it would have to be a large developer with the energy and wherewithal to take the risk.”
Plans for the original project called for 450 condos on roughly 395k SF, along with 313k SF of commercial space for hotel and retail, a 7,500 SF community space and 1,000 parking spots. The CBRE team marketing the site is advertising those plans in its pitch. [TRD]