New York, NY – June 12, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 29-15 Far Rockaway Boulevard, an 8,307 square foot, single-tenant medical building in the Far Rockaway neighborhood of Queens. The final closing price was $1.4 million, or $168.50 per square foot.
Cushman & Wakefield’s Dan Abbondandolo represented the seller, The Jobel LLC, in the transaction. The property was purchased by the Rockaway Partners.
“Thanks to the rezoning of Downtown Far Rockaway, the asset received tremendous attention,” said Dan Abbondandolo of Cushman & Wakefield. “The tenant had a very short term left on their lease and was paying substantially below market, which was the primary motivation for the acquisition.”
The building sits on nearly a half-acre lot and includes a 27-car gated parking lot. The well-maintained property is occupied on a triple-net basis (NNN), where the tenant had a lease through 12/31/2018.
Situated on Far Rockaway Boulevard, which runs parallel with Beach Channel Drive and Rockaway Parkway, the property sits only half a mile west of St. John’s Episcopal Hospital. The property’s current use as a medical office fills a large need in the developing neighborhood which is projected to see more than 500 new apartments in the next five years. Additionally, the property benefits from its short distance to the A subway line and the Long Island Rail Road, offering access to Brooklyn, Manhattan and other parts of Queens.
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.