New York, NY – July 11, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 87-14 Jamaica Avenue, a 3,300-square-foot mixed use building in the Woodhaven neighborhood of Queens. The final closing price is $1,350,000 equating to approximately $409 per square foot.
Cushman & Wakefield’s Stephen R. Preuss and Kevin Schmitz represented the seller, W&Q Property LLC, in this transaction. The property was purchased by the Nazarian Family.
“With New York State’s recently passed Housing Stability and Tenant Protection act of 2019, demand is rising for mixed-use properties with unregulated units like 87-14 Jamaica Avenue,” said Stephen Preuss of Cushman & Wakefield. “This property presented an excellent opportunity to capitalize on the rapidly growing real estate market in Queens.”
87-14 Jamaica Avenue is a three-story mixed-use building consisting of three units including a retail store and two three-bedroom apartments. Currently, the residential units are occupied, and the retail unit will be delivered vacant. The property is easily accessible via the Q65 bus line located along Jamaica Avenue, as well as the J subway line at 85th Street, two blocks from the property.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.