Thor Equities, United American Land Scoop Queens Retail Condo
Real estate investment management firms Thor Equities Group and United American Land have partnered to acquire the retail condominium of Flushing Commons in Flushing, Queens, for $42 million.
NEW YORK CITY- Real estate investment management firms Thor Equities Group and United American Land have partnered to acquire the retail condominium of Flushing Commons in Flushing, Queens, for $42 million. The portion of the property spans 30,000 square feet and is a part of a mixed-use project in the submarket, which includes several phases that are currently under development.
“Downtown Flushing has a thriving central business district and we see tremendous opportunity in the desirable market. After turning our attention towards building our Thor Sciences and ThorLogis platforms, we are excited about our first retail acquisition in New York in nearly five years,” said Chairman of Thor Equities Group Joe Sitt in a prepared statement.
At the base of Flushing Commons are 90 office condominiums and 148 residential units, the retail offerings. It is a part of a several phase project, which will include three additional properties with over 175,000 square feet of office and retail space, nearly 500 residential units, over 600 parking spaces, and a recreational facility and public plaza.
Downtown Flushing’s central business district is accessible by multiple public transportation routes and is bustling with activity from restaurants and shops of various cultures. Retail tenants at Flushing Commons include Hai Di Lao, a Chinese hot pot chain, Atelier Fashion, Hanover Community Bank, Metro City Bank and Elements Pharmacy.