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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.

Read the full story at The Real Deal, by

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