Anthony Hu Of Hiwin Group USA Acquires Mixed-use Property From Xiaorong Zhai For $32M
131 02 40th Road
$32,000,000
$58/SF
Building Size
551,193 SF
Asset Type
Mixed-use
Closing
Oct 21, 2025
About this deal
AI
A mixed-use asset located at 131-02 40th Road in Downtown Flushing, Queens, has been sold for $32,000,000. The property features a total square footage of 551,193 and was utilized for a 19-story, 469-key hotel development site.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $32,000,000
- Buyer: Anthony Hu - Hiwin Group USA
- Seller: Xiaorong Zhai - Jade Century Properties
- Sale Price per Square Foot: $58
This transaction marks the acquisition of the third building in Hiwin Group USA's three-project plan, facilitated by Anthony Hu representing the buyer and Xiaorong Zhai representing the seller.
Players
Flushing Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93