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New 19-Story Mixed-Use Development Coming to Flushing

131-01 39th Ave. (Google Maps)

Nov. 20, 2019 By Allie Griffin

Another mega-development is coming to Flushing.

A 19-story mixed-use building will be going up at the waterfront site of the former Korean supermarket Assi Plaza, located at 131-01 39th Ave, according to building records.

The development, which will consist of two residential towers and one hotel tower, will stand 245 feet tall and house 368 residential apartments and 320 hotel rooms when complete with more than 340,000 square feet of residential and 315,000 square feet of commercial space.

It will have a mix of apartments split between a north and south tower. The hotel will be in the east tower and will include a restaurant and pool. The development will also include retail space, according to the plan’s documents.

Young Nian Group bought the property in October 2017 for $155 million, according to city financial records.

The property has been bought and sold multiple times since the supermarket ceased its two decades of operations, when it was sold in 2014 for $54.6 million.

A year later the property was sold again for nearly $78.3 million, according to city records.

It was sold to its current owner Young Nian Group, headed by real estate investor Yuk Ming Yip, in 2017 The Real Deal reported.

The two-story building where the supermarket once stood was later demolished. The empty lot sits on the edge of the Flushing Creek and is nearby The Shops at Skyview Center.

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