Michael Meyer’s F&T Group is a major developer based in Flushing, Queens. The group recently finished two of the five buildings that will comprise the Flushing Commons project, which is one of the largest new construction projects outside of Manhattan. It will eventually include 600 condos, as well as retail and office space. F&T recently completed two other major mixed-use facilities in Flushing.
The F&T Group is looking to sellout its proposed Tangram South condominiums in Flushing, Queens for $173.6 million, filings with the New York state Attorney General’s office show. The 192-unit development, which will also offer 111 units of storage for sale, has an address of 133-27 39th Avenue and is located near Flushing’s Main Street subway station.
In Flushing, the neighborhood located at the very last stop of the 7 train in Queens, condominium prices having been climbing dramatically over the past few years. In the Downtown area, which is home to the city’s second-largest Chinatown, many condo units have traded for over an eye-popping $2 million a piece. (For comparison, Manhattan’s average condo price is $3 million, according to Douglas Elliman’s fourth-quarter 2016 report.)
As Queens becomes the new place for hipsters priced out of Brooklyn, its foodie scene continues to flourish. Queens Crossing in Flushing — a mixed-use development from F&T Group, with retail, office, community, entertainment and dining space — is launching three new food concepts in its trendy food hall.
Developers F&T Group and SCG America plan to build the first new movie theater that Flushing, Queens has seen in 30 years. The movie theater will be part of the Tangram development, a mixed-use project at 133-15 39th Avenue, Commercial Observer reported. The project includes four 15- or 16-story buildings with 300 luxury condo units, 80,000 square feet of office space and a hotel. Details on the hotel are not yet available.
A new food court is opening in Flushing, this time with elements that align more with trendy “food halls” of Manhattan and Brooklyn. The second floor of Queens Crossing mall underwent a huge renovation this year to create homes for at least nine different food vendors in 10,000-square-feet of space. On Wednesday, the first three options opened: a Japanese curry shop called Curry Bo, a poke stand called Young Street Poke Co., and Happy Lemon, a Taiwanese bubble tea shop known for a whipped cheese tea. Soon, South Korean comfort food chain Tori and Korean tofu soup shop Wonjo Soon Tofu will join as well.
The development, called Tangram, is already under construction at 133-15 39th Avenue between College Boulevard and Prince Street, a site that was home to Flushing Mall until mid-2015. It will be comprised of four 15- or 16-story towers situated on top of a 225,000-square-foot, two-level retail podium. The buildings will house 300 luxury residential condominium units, 80,000 square feet of office space, a yet-to-be-decided hotel and a three-level parking garage with 1,200 parking spots. “We are creating something that is very new for Flushing, and bringing in highly curated retail for an experience for people who are looking to experience a day in Flushing,” Geoff Bailey of SCG Retail, who has been tapped to lead a team to market the retail space, told CO.
In our epicurean culture, the lowest species on the culinary food chain is the generic food court, and it has been marked for extinction. For many, the scariest-looking food truck is more desirable these days than a franchise outlet like Cinnabon or Taco Bell. Even the term “food court” is passé, replaced by the trendier “food hall.” Leading the way are City Kitchen in Times Square and the Pennsy, near Penn Station. Now joining the dining evolution are the Shops at Queens Crossing in Flushing. Back in April, Helen Lee began redeveloping the second floor of the mall that her family’s company owns, a popular spot in the lively racket of the Chinatown neighborhood.
The new building at 37-12 Prince Street will feature 70,000 square feet of office space and sits across the street from the firm’s One Fulton Square development, according to a permit application filed with the city’s Department of Buildings. F&T completed that development, which includes retail space, 43 condominiums and a 168-room Hyatt hotel, in 2014.
F&T Groups founders Michael Lee and Sunny Chiu created the firm two decades ago with the mission of transforming Flushing into an Asian Times Square or Rockefeller Center. Today with nearly 5 million square feet of development activity in just Flushing alone, F&T Group is a major player in how Flushing has became a serious cultural hub. This March 18, F&T Group topped out the first building at Flushing Commons, a 1.8-million-square-foot residential, office and retail complex, being built in tandem with Rockefeller Group and AECOM Capital. The project includes a 164,000-square-foot office condominium for which sales launched in September 2015 and have nearly completely sold out. There will also be 600 luxury residential condos, a 62,000-square-foot YMCA, retail space and a 1,600-spot garage. The first phase of the project is expected to be completed in 2017.