CO first reported final week that Thor was buying the 30,007-square-foot asset—its first retail acquisition in 5 years—for $42 million.
“Downtown Flushing has a thriving central enterprise district and we see large alternative within the fascinating market,” Joseph Sitt, Thor’s founder and chairman, mentioned in a press release. “After turning our consideration in direction of constructing our Thor Sciences and ThorLogis platforms, we’re enthusiastic about our first retail acquisition in New York in practically 5 years.”
The retail condominium contains 18,077 sq. toes of ground-floor retail house and an 11,923-square-foot second flooring. Its largest tenant is Chinese language restaurant HaiDiLao. Different tenants embrace Atelier Style and Metro Metropolis Financial institution.
The property is a part of the 1.Eight-million-square-foot Flushing Commons improvement on the nook of Union Road and 39th Avenue in Queens, and a part of a two-phase, grasp improvement that’s set to incorporate a 1.5-acre open-air plaza. Part one was accomplished in 2017 and consists of 30,007 sq. toes of retail house, a 17-story residence tower and a 13-story workplace tower.
“Downtown Flushing is a market with spectacular transportation choices to justify heavy retail focus,” Stolly mentioned in ready remarks. “Between greater than 20 public visitors choices and multi-cultural eating and providers, the realm is a pure nexus for purchasers. The Primary Road subway station sees greater than 19 million riders a 12 months and is among the busiest stations within the metropolis. The Primary Road and Roosevelt avenue intersection is the third busiest within the metropolis after Occasions Sq. and Herald Sq..”
Roeschlaub added: “Curiosity on this market continues to develop. The property is surrounded by a number of new developments together with the Tangram improvement, Sky View Parc and the Farrington. There are about three million sq. toes of further developments in varied levels of planning in Flushing coming down the pipeline within the subsequent 5 years.”
Thor, Citi and NKF teamed up in August final 12 months, too. Citi supplied a $91 million CMBS loan to the proprietor for its $152 million acquisition of the New Jersey Middle of Excellence — a life science campus in Bridgewater, N.J.—in a deal negotiated by the identical NKF group.
Officers at Citi declined to remark. Officers at Thor weren’t instantly obtainable for remark.