Leading real estate development companies F&T Group and SCG America have announced that American cinematic powerhouse Regal, operator of the second-largest theatre circuit in the United States, has signed a lease to occupy its 34,000 SF multiplex within Tangram, the new 1.2 million-square-foot, mixed-use development in Flushing, Queens. SCG Retail, the exclusive retail broker of Tangram, represented the project and Robert Greenstone represented Regal in the 20-year lease deal. Regal will be the first theatre to open in Downtown Flushing in over 30 years, further solidifying the neighborhood as a world-class destination. Tangram’s seven-screen theatre will feature the latest in groundbreaking cinema technology including 4DX, the first 4DX location in Queens, which allows the audience to connect with movies through motion vibration, and environmental effects such as wind and rain. Tangram’s theater operations were initially slated to be occupied by the South Korea-based CJ CGV, which signed a lease with the developers last year before both sides mutually agreed to part ways. Tangram’s full-block site, with frontage on 37th Avenue, Prince Street, 39th Avenue, and College Point Boulevard, is currently under construction with an expected 4Q 2019 opening.
“Regal is a highly reputable company that understands the nuances of operating in a US real estate market, particularly one as complex as New York City,” stated Richard Siu of F&T Group. “Regal came to us as a qualified cinema operator with brand recognition. And, they completely understand the future of Flushing – its energy, draw and potential.”
“Tangram will be a thriving mixed-use development and our theatre will offer a whole new experience for moviegoers in Flushing,” stated Jerry Grewe, Vice President of Real Estate for Regal. “Along with a state-of-the-art theatre, we are proud to bring the truly immersive experiences of 4DX to Queens.”
The Tangram project is inspired by the traditional Chinese dissection puzzle “tangram,” which consists of seven flat pieces called tans. Tangram is elevating the draw of the neighborhood through its groundbreaking vision of cutting-edge retail, residential, office and hotel space. In addition to the movie theater, Tangram will include more than 324 luxury residences, 48 office condos, a four-star branded lifestyle hotel, 275,000 SF of retail space with a food hall, beer garden and high fashion shopping comprising of an array of exciting international and domestic brands.