Flushing’s Shops at Skyview Trade for $424M

The joint venture of reportedly global alternative asset manager TPG and equity real estate investment firm Acadia Realty are the new owners of the Shops at Skyview located at 40-22 College Point Boulevard in Flushing Queens. The sale by Blackstone fetched a combined total of $424.4 million and was completed through three transactions, having last traded in 2017 for $407.358 million according to city records. Mizuho Bank LTD provided $289.575 million in financing that consolidated $285 million in prior unpaid debt with a newly originated $4.575 million gap mortgage. According to documents posted in city records, the sale transactions included:

• (2) Retail units totaling approximately 520,838 square feet that sold for $297.797 million, about 1.9% higher than the $292.358 million Blackstone paid in July 2015
• (1) Parking unit totaling 80,722 square feet that sold for roughly $109.708 million, about 22% higher than the $90 million Blackstone paid in July 2015
• (1) Medical unit totaling 50,713 square feet that goes by the address 131-07 40th Road, sold for roughly $16.894 million, about 32% lower than the $25 million Blackstone paid in December 2015.

Retail tenants include BJ’s Wholesale Club, Uniqlo, Target, Chase, Old Navy, Sephora, Foot Locker, Marshalls, and Burlington. Part of a multi-building mixed-use complex that spreads across 14-acres, the site that was purchased for $57.496 million in April 2007 was co-developed by Onex and Muss Development. The shopping mall, which is located at the base of a 3-building, 448-residential complex known as Sky View Parc, was part of a two-phase project that subsequently added a trio of buildings hosting 795-residential units dubbed The Grand at Sky View Parc in 2016.

Source:    https://therealdeal.com/new-york/2025/12/03/blackstone-sells-flushing-retail-complex-for-425m/