F&T, SGC America’s Tangram Project Brings Shanghai to Flushing
As F&T Group and SGC America prepare for the February 2022 opening of their $ 800 million Tangram complex, the co-developers have focused on how to appeal to local Asian communities with Flushing’s flagship project, Queens.
The Tangram Tower, the 85,000 square foot office condominium within the complex, includes 48 units that are already largely occupied by banks, doctors, law firms and accounting firms, according to the Wall Street Journal. The outlet noted that this was a more popular option in the Asian community to buy office space rather than rent.
This is in stark contrast to the New York office market, where massive leases are in the news on a daily basis. The plan appears to be working, however – only five offices in the building are listed as available on the Tangram website.
The office building itself has been under construction for five years. F&T Group applied for a building permit at 37-12 Prince Street in 2016. Margulies Hoelzli has been listed as an official architect.
The success of the 1.2 million square foot Tangram complex, co-developed by F&T Group and SCG America, will depend on factors far beyond office condominium.
The resort centers around a mall designed to appeal to residents of Flushing and New York City in general.
The Journal reports that the mall will offer popular restaurants and retail outlets in China and Japan, and tenants will be required to post signs in English and Chinese. In addition, the indoor 4D multiplex cinema will display Chinese subtitles.
Another important element of the complex is a residential condominium. Tangram House West has 132 units and amenities, including an indoor heated swimming pool and an indoor garden with cherry trees. The units sell for between $ 680,000 and $ 3.39 million, according to the Journal, and the development is slated to open this summer.
A 208-room Renaissance hotel is also being built at the resort, hoping to draw tourists and Asian visitors to Flushing, rather than Manhattan.
[WSJ] – Holden Walter Warner