Photo courtesy of PropertyShark/Scott Bintner

BY KIRSTEN E. PAULSON

The former Asian grocery Assi Plaza, located in Flushing, is about to change hands again to make way for redevelopment.

Eastern Consolidated’s Capital Advisory Division has negotiated a $42 million bridge loan from a private lender on behalf of Triple Star Realty LLC, which used the loan to purchase the nearly 100,000-square-foot property on which the former supermarket sat. The total acquisition cost was upwards of $90 million.

Triple Star Realty plans to raze the existing structures on the former supermarket site in order to develop a 631,752-square-foot, mixed-use waterfront complex that will consist of a 360-unit condominium and a 200-room hotel, as well as a supermarket, retail and office space, and parking. The development will be comparable to other large-scale projects, such as Sky View Parc, Flushing Commons and Willets Point.

Located at 131-01 39th Ave., Assi Plaza had served the Flushing community from 1994 until September 2014, when it was sold to Outlet Plaza LLC by Rhee Brothers Inc., which owns the supermarket chain.

“Through Eastern’s close relationship with the lender and the hard work of all involved, we were able to negotiate a larger loan and facilitate the closing,” said Jonathan Aghravi, the managing director of Eastern Consolidated’s Capital Advisory Division, who helped lead the financing team. “We now look forward to working with the borrowers on procuring the construction financing for the project.”

 

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