New York, NY – August 9, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 215-01/11 42nd Avenue, a 44,981-buildable-square-foot lot with an existing 8,000-square-foot building in Bayside, Queens. The final closing price was $9.7 million, equating to approximately $216 per buildable square foot.
Cushman & Wakefield’s Senior Managing Director Stephen Preuss, Director Denise Prevete, and Associate Director Kevin Louie led the marketing efforts on behalf of the seller, Queensborough Lumber Company, Inc.. The property was purchased by Steven Novenstein of Storage Deluxe.
“The buyer acquired a property with great potential and ideal zoning for their intended future use of a storage facility” said Stephen R. Preuss of Cushman & Wakefield. “215-01/11 42nd Avenue is a textbook covered-land play, which carries short term income with a tenant in-place with the ultimate goal of redeveloping the property once vacant in few years.”
The 44,981-square-foot property is currently occupied on a net-leased basis by a single tenant. The tenant is currently in a lease extension which expires October 31, 2019. Remaining after this extension, the tenant has two additional 2-year lease extensions. The lot benefits from a tremendous amount of development rights and features up to 107,953 buildable square feet for commercial development.
215-01/11 42nd Avenue is ideally placed one block east of Bell Boulevard and two blocks north of Northern Boulevard. The property is conveniently situated a short walk from the Bayside Long Island Rail Road and near multiple MTA bus lines.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) 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, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.