BY LYNN EDMONDS
Blackstone Group, which manages about 93 billion dollars worth of real estate, made their first purchase in Flushing last month, when they acquired Sky View Parc mall. Assemblyman Ron Kim (D-Flushing) and Councilman Peter Koo (D-Flushing) both hailed the sale as a reflection of Flushing’s strong economy and more growth to come.
“It’s a triple win,” Koo said, for the community, the city, and the company. He said that the purchase meant Blackstone has “confidence” in Flushing and it’s likely that “other companies will follow” in the footsteps of the well-respected firm.
Flushing, which houses one of New York City’s largest Chinatowns, is experiencing both economic and population growth. Kim noted that whenever he visited the bustling mall, there were long lines in front of the Nike outlet and other businesses.
Blackstone purchased the mall and the adjacent parking lot from Onex, for about $400 million.
Sky View Parc mall is part of a larger complex which includes three condo towers in addition to the mall and parking lot. The property got off to a shaky start when it was first built during the recession, going over budget. But now the mall and all the condos have been bought, and Onex is building another three condo towers on the 14-acre property.
Sky View Parc is located near the Flushing-Main Street station on the No. 7 train, the third busiest subway stop in New York, according to Crain’s.
Kim noted that Flushing’s economy is strong, but that the infrastructure is lagging behind the growth. He said the district needs better roads to accommodate the increased activity in the area.