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Development Financing Comes to Flushing

NEW YORK CITY—A parcel that once laid claim to a supermarket is set to become a mixed-use complex with a 360-unit residential condominium, a new supermarket, a hotel and more.

By Rayna Katz | Updated on July 15, 2015

NEW YORK CITY—Financing has arrived to back the acquisition of the former Assi Plaza supermarket, located at 131-01 39th Ave. in the Flushing area of Queens. A $42 million bridge loan has been provided by a private lender to a developer for the project, which is set to become a sprawling $90 million mixed-use complex.

Eastern Consolidated‘s Jonathan Aghravi, managing director, and Charles Han, associate director, led the loan’s financing team, which also consisted of Ben Tapper, senior director and Tripp Lyons, associate director.

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