Posted on: July 11, 2025 05:48 PM

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450 million is pocket change for a mall in downtown Flushing

Blackstone, one of the largest asset management companies in the world is moving to sell the shares of The Shops at Skyview in downtown Flushing for the expected price tag of $450 million, short of $50 million from the half a billion reach.

The mall is fully occupied with tenants and rarely has any empty spots. This is on the corner of Roosevelt Avenue and College Point Blvd, one of the busiest malls in NYC while the leader remains the one on Queens Blvd in Elmhurst. This is Blackstone's first purchase in Queens when they brought the lot for $400 million in 2015.

Downtown Flushing is on the rise with more apartment towers where a condo unit goes for easy $1 million or a single bedroom at $5,000 a month making it one of the most expensive locations in NYC. The area is very close to CitiField which is also on the expansion mode with more apartment towers, a new soccer stadium and the possible casino. Not to mention, the US Open has seen the largest attendance in the last five years due to hotels in the vicinity compared to traveling to Manhattan.

Investors are all lining up to grab the deal and the value could fetch over $1 billion easily in the coming years.