Permits have been filed for a 19-story mixed-use building at 131-01 39th Avenue in Flushing, Queens. Located at the intersection of College Point Boulevard and 39th Avenue, the lot sits along Flushing Creek in the Flushing West Rezoning. The nearest subway station is Main Street, serviced by the 7 train. Young Nian Group LLC is listed as the owner behind the applications. In 2017 Yuk Ming Yip purchased the massive property from Queens-based developer Andy Zhu for $115 million.
Flushing West Rezoning
Property owners ABS Management & Development and Babad Management are now placing on the market the 3.7-acre vacant development site at 39-08 Janet Place (a.k.a 131-35 Roosevelt Avenue), in Downtown Flushing. The Real Deal reports the site currently offers 870,000 square feet of development rights. A five-tower, 450-unit mixed-use project was approved by the city before the 2008 financial crisis. It was going to be built by LEV Development Group and was designed by Ismael Leyva Architect, but it never got off the ground. Today, the plot is subject to the proposed Flushing West Rezoning, and, if established, would be located within the rezoning’s special waterfront district. That means a future development may require the construction of a waterfront promenade along Flushing Creek (although we don’t know if the rezoning means that the site would get more development rights). The site doesn’t have an asking price, although brokers expect the site to generate more than $120 million.
In 2014, King’s USA Group acquired the two-story, 100,000-square-foot commercial building – dubbed Assi Plaza and located at 131-01 39th Avenue, in Downtown Flushing – for $54.6 million. Now, the developer is filing applications for a new two-story, 165,337-square-foot building with 58,349 square feet of commercial space, a storage component, and staging areas for transporting goods. Perkins Eastman would design the 51-foot-tall structure, but the new filings come just before the area could get rezoned. Last fall, YIMBY brought you the latest details on the Flushing West Rezoning and the site in question, located between College Point Boulevard and Flushing Creek, is at the center of the proposal’s special waterfront district. In other words, the site could eventually accommodate mixed-use buildings of up to 10 or 14 stories. Plans for the site are probably not set in stone, and the rezoning’s public review process is expected to kick off this spring. Permits to demolish the existing commercial building were filed in February.
The city is about to rezone 11 industrial blocks along the heavily polluted Flushing Creek in western Flushing. But one developer has already filed new building applications for an eight-story, mixed-use project at 134-16 36th Road, on the corner of Prince Street and in the middle of the soon-to-be-upzoned piece of eastern Queens.
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.