Cushman & Wakefield Arranges Sale of Two Properties Totaling $9.2 million in Fast-Growing Queens Submarkets

Cushman & Wakefield Arranges Sale of Two Properties Totaling $9.2 million in Fast-Growing Queens Submarkets

NEW YORK, NY January 28, 2019 — Cushman & Wakefield today announced that the brokerage firm has arranged the successful sale of two properties located in Queens. 146-92 Guy R. Brewer Boulevard sold for a final closing price of $2.075 million. 23-23 Astoria Boulevard sold for $7.125 million. A team led by Senior Managing Director Stephen R. Preuss represented the sellers in all marketing efforts.

“As Jamaica and Astoria continue to grow, these properties will serve as excellent investments,” said Stephen R. Preuss of Cushman & Wakefield. “The proximity of these properties to public transportation and high trafficked highways provide exceptional visibility across Queens’s top performing neighborhoods.”

23-23 Astoria Boulevard in Astoria is a 13,568 square-feet, seven-story, 13-unit elevator serviced luxury apartment building. The newly constructed building consists of twelve 1-bedroom apartments and one 3-bedroom apartment; all with balconies and luxury condo finishes. The building features seven parking spaces, a laundry room and a common rooftop deck. The property is deemed eligible for 421-A partial tax exemption. 23-23 Astoria Boulevard is just a short walk to the Astoria Boulevard subway station, the Astoria Ferry and numerous bus lines.

An ownership group of Tinaandrew, Ballis, Juuj Realty and Theopan Properties, LLCs, was represented by Cushman & Wakefield in the transaction and received a final closing price equal to a 4.9% capitalization rate and $525 per square foot for the property. 23-23 Astoria Boulevard was acquired by J & N Development.

146-92 Guy R. Brewer Boulevard in Jamaica is a six-unit retail strip with 5 tenants and just one vacancy with leases in negotiation. The existing tenants operate as a deli, event space, beauty salon and storage, with leases in place through 2020 and 2023. The building was renovated in 2008 and is very well maintained. The 5,800-quare-foot property features approximately 120 feet of frontage on Guy R. Brewer Boulevard and 104 feet of frontage on 147th Avenue. The property is in proximity to JFK Airport and the AirTrain, as well as multiple major roadways including Rockaway Boulevard and the Belt Parkway which see an average of over 22,000 cars passing daily.

147 Brewer Corp was represented by Cushman & Wakefield in the sale to Eshagh Malekan. The final closing price of equates to $358 per square foot and a 5.7% 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 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.

2019-02-04T17:06:36-04:00January 28th, 2019|Press Room|0 Comments

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