F&T Group

What F&T Group does

F&T Group is a privately held, family-influenced real estate development company headquartered in Flushing, Queens, New York. Founded in the early-to-mid 1980s with over 40 years of operating history, the firm specializes in ground-up mixed-use developments that combine luxury residential condominiums, Class A office condominiums, curated retail, and hospitality. Its portfolio centers on Downtown Flushing and includes completed landmarks such as Queens Crossing (420,000 sq ft, completed 2007), One Fulton Square (~330,000 sq ft, including the 168-key Hyatt Place), Sanford Tower, and the flagship $800 million Tangram development (1.2 million sq ft) which features two residential towers, Tangram Tower offices, a 208-key Marriott Renaissance Hotel, and 275,000 sq ft of retail. The firm also extends beyond Flushing through Flushing Commons Phase I (with Rockefeller Group, AECOM Capital, and Fortress), the Special Flushing Waterfront District (29 acres, 1,700+ approved units) via the FWRA consortium, and an international footprint via the World Trade Center Nanjing (4 million sq ft with J.P. Morgan Asset Management and Gensler). Approximately 6 million sq ft is completed, under construction, or in the development pipeline.

The company's revenue model blends one-time sales of residential and office condominium units with recurring income from long-term retail leasing, hotel operations (Marriott Renaissance, Hyatt Place), and ongoing property management across owned and managed properties. Residential pricing spans from approximately $500,000 studios to $3.1 million penthouses at Tangram, supported by 15-year tax abatements. Tenant curation is a deliberate competitive lever, with F&T attracting first-to-Queens or first-to-NYC locations of brands such as MUJI, Pop Mart, 85°C Bakery Cafe, MINISO, Regal (including the first 4DX theater in Queens and first movie theater in Flushing in 35 years), Orangetheory Fitness, Goldfish Swim School, and Xi'an Famous Foods. Capital partners include J.P. Morgan Asset Management, Rockefeller Group, AECOM Capital, Fortress Investment Group, and SCG America; banking relationships include Cathay Bank, HSBC, and Barclays.

Architecturally, F&T's developments use conventional but differentiated building systems such as ventilated rainscreen facades, zero-sight-line window walls, and LEED Gold-certified construction, alongside voluntary environmental remediation with the NYC Office of Environmental Remediation. The firm sells condominiums through on-site sales offices, leases commercial space through direct negotiation, and works with retail brokers for major tenant transactions. Marketing emphasizes community-building programming (annual Christmas tree lighting, Lunar New Year events, public art installations with Crossing Art Gallery, blood drives) and earned-media coverage in the Wall Street Journal, New York Times, and Crain's New York. Leadership is anchored by Chairman and CEO Michael Lee and Vice Chairman Sunny Chiu, with Executive Vice President/Principal Helen Lee recognized by Crain's as a 2021 Notable in Real Estate leader.

Name

F&T Group

Legal name

F&T Group

Website

https://fandtgroup.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

101–250 employees

Short description

F&T Group is a private, family-influenced Flushing, Queens-based real estate developer building luxury residential, Class A office, curated retail, and hotel components in large-scale mixed-use projects, anchored by the $800M, 1.2M sq ft Tangram development and an extensive Flushing-area pipeline.

Ownership category

akta.pro rank

Headquarters

HQ city

Flushing

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Residential Property Sales: F&T Group generates revenue through the sale of luxury condominiums in developments like Tangram House South and Tangram House West. Units range from studios to penthouses with prices reaching $3.1 million for penthouse units.
2. Commercial Office Condominiums: Sale of office condominium units in buildings like Tangram Tower and Queens Crossing to medical practitioners and professional businesses.
3. Retail Tenant Leasing: Long-term leasing of retail space to tenants including MUJI, 85°C Bakery Cafe, Pop Mart, Xi'an Famous Foods, and various restaurants and entertainment venues.
4. Hotel Operations: Revenue from 208-key Marriott Renaissance Hotel at Tangram and 168-key Hyatt Place at One Fulton Square.
5. Property Management: Ongoing property management services for owned commercial buildings including Queens Crossing and other managed properties.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

F&T Group is a real estate development company that plans, constructs, and manages mixed-use properties encompassing luxury residential condominiums, Class A office condominiums, retail spaces, hotels, and entertainment venues. Its portfolio is anchored in Flushing, Queens, with the flagship 1.2 million square foot Tangram development, and extends internationally through the World Trade Center Nanjing project in China. Revenue is generated through condominium sales, long-term commercial leasing, hotel operations, and ongoing property management.

Product overview

F&T Group is a real estate development company offering a portfolio of mixed-use developments, residential properties, and commercial spaces primarily in Flushing, Queens. The company's core products include large-scale mixed-use developments like Tangram (1.2 million sq ft with retail, residential, office, and hotel components), Queens Crossing, One Fulton Square, and Flushing Commons. Additional properties include Sanford Tower, 16 West 21st St, World Trade Center Nanjing, Tangram Tower office space, Colden Garden, Prince Center, 106 Fulton Street, and Park East Condominiums. The portfolio also includes amenities like the Regal Tangram & 4DX Theatre entertainment venue. These developments are designed with global perspectives while respecting local traditions, incorporating sustainable building practices and community-focused spaces.

Differentiator

Problem solved

Functional benefit

Products and services

• Tangram Mixed-Use Development A ground-up 1.2 million square foot mixed-use development in Downtown Flushing, Queens featuring two residential towers (Tangram House South and West), one office tower (Tangram Tower), a 208-key Marriott Renaissance Hotel, and 275,000 square feet of high-end curated retail centered around a sky-lit atrium.
• Queens Crossing A 420,000 square foot mixed-use building on Main Street in Flushing's retail and business district, comprising 210,000 square feet of office condominiums and over 140,000 square feet of retail, entertainment, restaurants, and food court concepts.
• One Fulton Square A transformative mixed-use development totaling approximately 330,000 square feet, featuring a 168-key Hyatt Place hotel, a three-level glass retail podium, ground-floor plaza, a 12-floor residential condo tower with 43 furnished condominiums, 22 medical and professional offices, and 300 parking spaces.
• Flushing Commons Phase I

Quantifiable outcome

• Tangram is nearly fully leased and has become one of the most visited destinations in Flushing
• +2 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• SCG AmericacoreStrategic or Co-development Partner · 1 January 2019Primary development partner with F&T Group for Tangram project. SCG America (Shanghai Construction Group) provides construction expertise and is co-developer of the 1.2 million square foot Tangram mixed-use development.
• Rockefeller GroupmajorStrategic or Co-development PartnerDevelopment partner for Flushing Commons Phase I mixed-use project featuring 148 residential condominiums, 81 office condominiums, and 30,000 square feet of retail space.
• United Construction & Development GroupmajorStrategic or Co-development PartnerMember of FWRA consortium alongside F&T Group and Young Nian Group for the 29-acre Special Flushing Waterfront District development.
• Young Nian GroupmajorStrategic or Co-development PartnerMember of FWRA consortium alongside F&T Group and United Construction & Development Group for waterfront redevelopment project.
• JG Neukomm ArchitecturecoreTechnology or IntegrationLead architect for Tangram mixed-use development. Designed retail interiors and overall project architecture for the 1.2 million square foot project.
• Margulies Hoelzli ArchitecturecoreTechnology or IntegrationArchitect for Queens Crossing and other F&T Group projects. Award-winning architecture firm recognized by NYCxDESIGN for Tangram Fitness.
• Perkins EastmanmajorTechnology or IntegrationArchitect for Flushing Commons Phase I development, providing design services for the mixed-use project.
• GenslermajorTechnology or IntegrationLead architect for World Trade Center Nanjing project, providing design services for the 4 million square foot development.
• Crossing Art GalleryminorStrategic or Co-development PartnerAnnual art installation partner for over 13 years, creating public outdoor Christmas art installations in Flushing to bring community together.
• NYC Office of Environmental Remediation (OER)minorOthersGovernment agency partnered with F&T Group for voluntary environmental cleanup program at Tangram development site.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• The Durst Organization: Long-standing NYC family-controlled real estate developer (One Bryant Park, Bklyn Navy Yards mixed-use) active across residential, office and retail. Comparable to F&T as an owner-operator of large mixed-use urban assets with sustainable building features.
• Tishman Speyer: Global owner-developer (Rockefeller Center, The Hague Moerenburg, Spark mini-cluster). Comparable on full-platform mixed-use development + co-investment model and iconic urban projects.
• Vornado Realty Trust: NYC office and mixed-use REIT with holdings including office, retail and high-end residential. Comparable on NYC Class A office, retail leasing, and trophy urban real estate lines of business.
• SL Green Realty Corp. Manhattan-focused REIT and developer of Class A office and mixed-use product. Comparable to F&T's Tangram Tower office-condominium business and NYC commercial property management.
• Related Companies: National mixed-use developer behind Hudson Yards, The Spiral and Abell (Flushing) joint ventures. Directly comparable to F&T on mixed-use scale, condo/office/retail bundling, and Flushing submarket presence (Abell is a JV in Flushing).

Direct peers

• Greenland USA: US arm of Chinese developer Greenland Holding, active in NYC mixed-use including Pacific Park and Atlantic Yards parcels. Comparable to F&T on cross-border Asian capital deploying into US mixed-use with cultural branding.
• Extell Development Company: NYC luxury developer (One57, Central Park Tower, Brooklyn Point). Closest direct peer on luxury condominium product, full-stack development, and family-controlled governance style.
• Fisher Brothers: Family-owned Manhattan office and mixed-use developer/owner (Park Avenue Plaza, 299 Park Ave). Strong comparison on family-controlled, vertically integrated development + property management model.
• Brodsky Organization: NYC multifamily and mixed-use developer with luxury condo projects and long-term ownership. Comparable on family-founded NYC residential/mixed-use developer profile and build-to-hold operating model.
• Rockefeller Group: F&T's JV partner on Flushing Commons Phase I and broader mixed-use developer. Directly comparable on mixed-use residential/office/retail format, including Class A product.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about F&T Group