Flushing is poised to obtain an inflow of almost 300 models — many reasonably priced — ought to Gary Chen safe a zoning change.
On Monday, Chen filed an utility with the New York Metropolis Division of Metropolis Planning for a mixed-use venture at 32-02 Linden Place within the Queens neighborhood, the Industrial Observer reported. The zoning change could be certain 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. toes of business area and almost 200 parking areas. Roughly 25 % of the models could be designated for reasonably priced housing.
Along with the Linden Place tackle, 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 complete of $26.5 million.
The submitting was first reported by PincusCo. Chen, who owns almost a dozen of different properties within the borough, couldn’t instantly be reached by the Observer for remark.
The proposal “could be according to the town’s objectives of strengthening neighborhoods, increasing housing, together with reasonably priced housing and employment in transit-accessible areas, whereas respecting the character of the encompassing residential communities,” Chen wrote in his submitting.
This week alone, there have been a number of venture filings relating to Queens developments. On Grosvenor Lane in Kew Gardens, the Grun Group is wanting so as to add 108 models 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 and public sale the previous RKO Keith’s Theater web site was recently blocked as Xin Growth’s dad or mum firm co-founder put the event web site into Chapter 11 chapter safety sooner or later 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.
Learn extra
Maverick blocked from auctioning former Flushing theater site
The Daily Dirt: Mega housing plans for Queens
$2B Queens project dead, but smaller ones planned
