Wing-Fung Realty Group, led by Andy Chau, plans to bring a pair of mixed-use residential towers spanning 550,000 square feet to Flushing, according to permits filed with the city’s Department of Buildings Friday.
The development, at 131-02 40th Road, will feature two buildings that both reach 19 stories, with 276,000 square feet of residential space and 278,000 square feet of commercial space, permits indicate. Wing-Fung plans 326 apartments between the two towers, as well as a community facility. Filings don’t indicate if the apartments will be condos or rentals.
The Queens-based developer bought the site from Sam Chang’s McSam Group last year for $44.5 million after the hotel mogul said he “no longer believed” in the Flushing market.
Chau isn’t the only developer who thinks Chang [TRDataCustom] erred on that calculation. Chinese developer Xinyuan Real Estate last month paid $66 million for the RKO Keith’s Theater, and plans to build 269 condo units on the site. Sources told The Real Deal that the condos will be priced between $1,150 and $1,300 a square foot.