NEW YORK, NY April 3, 2019 — Cushman & Wakefield today announced that the brokerage firm has successfully arranged the sale of four properties in Queens. The final closing prices range from $1 million to $2 million.
A team led by Senior Managing Director Stephen R. Preuss represented the sellers in all marketing efforts.
“The sale of these properties is a testament to the strong state of the Queens residential and commercial market,” said Stephen R. Preuss of Cushman & Wakefield. “The accessibility of these buildings to public transportation contributes to the overall popularity of these neighborhoods.”
5105 34th Street in Long Island City is a fully renovated 2,360-square-foot, three-story mixed-use building with one commercial unit on the ground floor and two residential units on the upper floors. The commercial tenant is operating as a contractor and the second and third floors are three-bedroom apartments with ten-foot ceilings. All tenants are leased on a month-to-month basis. Additionally, the property offers three on-site parking and is conveniently located just south of the Long Island Expressway and in proximity to the Brooklyn-Queens Expressway, providing easy access to Manhattan and Brooklyn. The property was purchased by Latino 2000 USA, Inc. The final closing price is $1 million, equating to $388 per square foot and a 5.15 percent capitalization rate.
31-79 Steinway Street in Astoria is a 2,250-square-foot single unit, single-story retail building with a full basement situated in a prime location in Astoria. With approximately 25 feet of frontage on Steinway Street, the property offers up to an additional 4,500 square feet of air rights for commercial or residential development. Steinway Street is one of Queens’s strongest retail corridors, with numerous retailers including well-known restaurants, neighborhood shopping and other tenants such as CVS, Duane Reade, TD Bank, Gap, GNC, Bath & Body Works, Express, Victoria’s Secret, McDonald’s, Verizon Wireless, FedEx, and many more. The property is easily accessible via the M and R subway lines at Steinway/34th Avenue and Broadway/46th Street. The property was sold by Steinway Sports & Recreation Center, Inc. and was purchased by ABS Partners Real Estate, LLC. The final closing price is $2 million, equating to $904 per square foot, and Andreas Efthymiou, Senior Associate, Cushman & Wakefield assisted Preuss in the transaction.
57-45 Myrtle Avenue in Ridgewood is a three-story commercial building which will be delivered vacant. The building is currently owner-occupied, operating as a pet store. The first floor is built out as a storefront and the second and third floors were previously used for retail and storage. The property is conveniently located just a few blocks from the Myrtle-Wyckoff station and the M and L subway lines. The property is located in a high-trafficked area with over 12,000 cars passing daily. The building was sold by Robert F. Gentile, Trustee & Susan J. Gentile, Trustee and was purchased by Isaac Azizian. The final closing price is $1.685 million, equating to $442 per square foot, and Andreas Efthymiou worked with Preuss on the transaction.
124-07 Liberty Avenue is a 2,360-square-foot mixed-use building in the heart of South Richmond Hill. The property is a fully leased building with a three-bedroom apartment located over a retail store. The building is fully renovated with separately metered utilities, high arched windows in the apartment, and a new roof offering low maintenance. The property benefits from tremendous foot and car traffic on Liberty Avenue and is only five blocks from the A train at Lefferts Boulevard Station. The property was sold by 124-07 Liberty Realty, LLC and was purchased by International Trading 1, Inc. The final closing price is $1.85 million, equating to $784 per square foot and a 5.9 percent capitalization rate.
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.