The intersection of Main Street and Roosevelt Avenue at the mouth of the 7 train in Downtown Flushing boasts the third-highest pedestrian foot traffic in New York City, trailing only Times Square and Herald Square. Flushing powerhouses F&T; Group and United Construction paid $44 million ($647 a square foot) for the 68,000-square-foot retail and medical complex at 136-20 Roosevelt Avenue, marking a 33.3 percent gain over its 2014 trade. When the deed closed on January 28, 2026, F&T; Group (Michael Meyer) and United Construction & Development had officially taken down 136-20 Roosevelt Avenue from Emmes Asset Management Affiliate for $44 million, with Marcus & Millichap / IPA brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Queens. At $647 a square foot across 68,000 square feet, the closing price marks a 33.3 percent step-up over the $33 million basis recorded in November 2014. In today's five-borough construction market, buying modern or well-maintained brick at $647 a square foot still beats the time and cost of digging a foundation from scratch. Even better for the buyers, the in-place rent roll hands them a verified 6.50 percent going-in cap rate from day one.

Cathay Bank Writes 62.5% LTV on Flushing's Busiest Block

The real tell in any Queens closing sits on the debt side of the ledger. To fund the purchase, F&T; Group (Michael Meyer) and United Construction & Development locked in a $27.5 million senior commercial bank mortgage from Cathay Bank at 62.5 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $16.5 million equity check to control a 5-story, 1989-vintage Downtown Flushing asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $16.5 million of real cash equity and a basis of $647 a square foot, lenders like Cathay Bank are wide open for business.

From Our Desk

When we look at 136-20 Roosevelt Avenue on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and lender selection. F&T; Group (Michael Meyer) and United Construction & Development didn't try to fight the tape—they bought Downtown Flushing footage at $647 a square foot and paired it with the exact lender bucket built for this business plan. Flushing operates in its own capital-markets ecosystem: local banks like Cathay Bank know every medical group and bank branch on Roosevelt Avenue by name, allowing trusted sponsors to lock in 62.5 percent leverage without Wall Street securitization friction.