Richmond Hill, Queens – May 31, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 132-10-132-16 Jamaica Avenue, a fully-leased single-unit commercial building located in Richmond Hill, Queens. The final closing price was $5 million, equating to approximately $406 per square foot.
Cushman & Wakefield’s Senior Managing Director Stephen R. Preuss led the marketing efforts on behalf of the seller, 132-10 Jamaica Ave Realty Corp. The property was purchased by Solomon Isakov.
“The buyer acquired a recently renovated asset, net-leased to the City of New York currently operating as a New York City public school,” said Stephen R. Preuss of Cushman & Wakefield. “They were able to capitalize on a rare investment opportunity with a highly sough after tenant.”
The 12,360-square-foot property is currently fully-leased to The New York City School Construction Authority. Since November 2014, the tenant has occupied the space as a New York City Public School, District 28 Pre-K Center and has put approximately $5 million into building renovations. The property features 112’ of frontage and exterior land of approximately 1,000-square-feet.
Located in Richmond Hill, the building is conveniently located just west of the Van Wyck Expressway. The property is easily accessible from the E, J, and Z subway lines, in addition to multiple bus stops.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.