New York, NY – December 20, 2017 – Cushman & Wakefield announced today that the firm has arranged the sale of 30-70 Steinway Street, a retail building in Astoria, Queens. The final closing price was $2.95 million.
A Cushman & Wakefield brokerage team consisting of Senior Managing Director Stephen R. Preuss and Vice Chairman Thomas Donovan represented the seller, Schwab Realty, LLC, in the transaction.
“Astoria continues to thrive as a sought-after retail neighborhood,” said Stephen R. Preuss of Cushman & Wakefield. “Situated in one of the strongest retail corridors in Queens and currently leased to a retailer for well below market rate, the buyer was presented a tremendous opportunity for upside potential.”
The 3,375-square-foot, 37.5’ wide retail building features one-story, plus a basement. The property is currently leased to Payless ShoeSource until June 2018.
Located on the west side of Steinway Street between 30thand 31st Avenues, the property is situated in the heart of Astoria. The building is located near an abundance of national retailers including CVS Pharmacy, Foot Locker, Modell’s Sporting Goods and Zales. Additionally, the building offers easy access to the M, R, N and W subway lines and multiple bus stops.
The building was purchased by Malachite Services, LLC.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.