Flushing is poised to obtain an inflow of practically 300 items — many inexpensive — ought to Gary Chen safe a zoning change.
On Monday, Chen filed an software with the New York Metropolis Division of Metropolis Planning for a mixed-use challenge at 32-02 Linden Place within the Queens neighborhood, the Business Observer reported. The zoning change can be sure by thirty second Avenue, Linden Place and Farrington Road.
Chen desires to construct a 10-story, 296-unit advanced on the web site, which might additionally embody 33,000 sq. ft of business area and practically 200 parking areas. Roughly 25 p.c of the items can be designated for inexpensive housing.
Along with the Linden Place handle, the event web site additionally encompasses one other property on Linden Place and two industrial buildings on Farrington Road. Chen completed shopping for up the assemblage in 2024 for a grand whole of $26.5 million.
The submitting was first reported by PincusCo. Chen, who owns practically a dozen of different properties within the borough, couldn’t instantly be reached by the Observer for remark.
The proposal “can be in step with town’s objectives of strengthening neighborhoods, increasing housing, together with inexpensive housing and employment in transit-accessible areas, whereas respecting the character of the encircling residential communities,” Chen wrote in his submitting.
This week alone, there have been a number of challenge filings relating to Queens developments. On Grosvenor Lane in Kew Gardens, the Grun Group is wanting so as to add 108 items throughout two buildings. Moreover, Derek Fraser submitted plans for a 26-unit constructing on thirty first Road in Ditmars Steinway.
Elsewhere in Flushing, Maverick Actual Property Companions’ try to public sale the previous RKO Keith’s Theater web site was recently blocked as Xin Growth’s father or mother firm co-founder put the event web site into Chapter 11 chapter safety at some point earlier than the scheduled foreclosures public sale.
The judgment lien towards Xin was $41.2 million, which contrasts with the $90.6 million worth said within the chapter submitting.
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