Eastern Consolidated chosen to market the sale of Korea Village

Eastern Consolidated, a leading investment sales brokerage firm, has been retained as the exclusive agent to market for sale Korea Village, a three-story plus mezzanine shopping mall located at 150-24 Northern Blvd., in Flushing. The mall and its parking facility encompass more than 65,000 s/f. The property also has more than 16,000 s/f of unused and intact air rights for potential future residential or commercial development. Each tenant at the fully-occupied retail center has annual rental increases that range from two to five percent, pays common charges based on a percentage of their rent and provides some real estate tax reimbursement. There are no lease expirations at the mall until 2017 and the two largest tenants are committed until December 2031. "Korea Village presents a rare opportunity to own an impeccably maintained, cash flowing retail center, complete with guaranteed rent increases and expense reimbursement," said Ety Lee, senior director in the investment sales division at Eastern Consolidated who along with senior director Adelaide Polsinelli, and associate director Nancy Tran exclusively represent the seller. "The class A shopping center also has frontage along three major thoroughfares, including more than 141 feet on Northern Blvd." "You can't ask for a better location. Flushing is one of the most vibrant and fastest growing submarkets in New York City, which attracts interest from international investors and developers who are drawn to the energy of the neighborhood and are excited about its future," said Polsinelli. Originally built in 1997, Korea Village has had a series of significant capital improvements in 2006 and 2011. The most recent improvements totaled more than $1 million. The mall has ample at-grade and underground parking for over 100 cars. Additional income is generated through exterior building signage. Korea Village draws shoppers from all over New York City. The Q31 and Q28 bus lines are directly located across the street, while stops for the Q15 and Q15A are less than a block away. The Murray Hill stop on the Long Island Rail Road is two blocks south from the mall.