Published On: Mon, Jan 11th, 2016

Crown ground leases 225K sf Flushing Macy’s building

Isaac Chera’s firm could significantly expand the property: sources

Isaac-Chera-Macys

 

Isaac Chera’s Crown Acquisitions made a major play in Flushing, signing a 99-year ground lease for a large retail building right in the heart of the neighborhood’s central shopping district.

Chera will take over the management of the four-story, 225, 000-square-foot property at 136-50 Roosevelt Avenue after striking the deal with long-term owner, Benider Co.

Macy’s lease at the building expires soon, Chera told the Wall Street Journal. He may be seeking to strike a deal with the retailer to redevelop the property and bring in new tenants, Tim King of CPEX Real Estate, who wasn’t involved in the deal, told the Journal.

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