Owner Positioned to Create 56,760 Buildable Square Feet of As-Of-Right Residential Development

 

New York, NY, May 8, 2017 – Cushman & Wakefield has arranged the $7.2-million sale of a residential development site assemblage at 8303-8309 116th Street in Kew Gardens, Queens.

The property provides its new owner, Starlink Condominium LLC, with as-of-right development opportunities of up to of 56,760 buildable square feet. Seller names were not disclosed.

Located opposite Forest Park, the site is presently occupied by four vacant two-family dwellings whose combined lot square footage equals approximately 14,190 square feet.

“Cushman & Wakefield is often called upon to undertake complex transactions such as this one,” said Stephen Preuss, a senior managing director with Cushman & Wakefield. “This sale involved intricate logistics because we were required to coordinate the participation of four individual owners of four individual properties.

“In spite of the challenges,” said Mr. Preuss, “we set in motion a competitive marketing initiative that secured record pricing for our clients.”

Mr. Preuss also took note of the high demand for rental apartments and newly developed condominiums in Kew Gardens as one of the site’s marketing drivers.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.