New York, NY – May 23, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 81-30 Baxter Avenue, an 11,900 square-foot commercial property in Elmhurst, Queens. The final closing price is $4,450,000, equating to approximately $374 per square foot.
Cushman & Wakefield’s Stephen R. Preuss and Kevin Louie represented the seller, the Shnay Family, in this transaction.
“Due to our structured marketing campaign and competitive bidding process, we were able to achieve above the initial asking price in this sale,” said Stephen R. Preuss of Cushman & Wakefield. ““This property is situated within one of the strongest retail corridors in Queens. With access to numerous subway lines as well as international culinary hotspots and nightlife, 81-30 Baxter Avenue proved a strong investment option for the buyer.”
81-30 Baxter Avenue in Elmhurst is a prime corner 11,900-square-foot commercial building ideal for repositioning. It was previously operated by a rehab clinic affiliated with Elmhurst Hospital for the past thirty years. The property also contains a 5,000 square foot lot located within an R7B/C1-3 zoning district, which possess an additional 3,100 square feet of air rights.
The property is well located in proximity to 82nd Street, one of the strongest retail corridors in Queens with access to the 7 train. The building within walking distance to the E, F, M and R subway lines at the 74th Street Station as well as the Elmhurst Avenue Subway Station.
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.