NEW YORK, NY – November 16, 2018 — Cushman & Wakefield announced today that the firm has arranged the sales of three Queens properties; two commercial spaces and one warehouse. The final closing prices range from $3 million to $10.5 million.
A team led by Senior Managing Director Stephen R. Preuss represented the sellers in all marketing efforts.
“These buyers have secured properties with significant potential and located in rapidly emerging Queens neighborhoods,” said Stephen R. Preuss of Cushman & Wakefield. “Each property benefits from exceptional features and accessibility.”
1326-1342 Beach Channel Drive, located in Far Rockaway, is a 5,736 square-foot, seven-unit retail strip with approximately 115’ of frontage on Beach Channel Drive. The existing tenants operate as a Little Caesars Pizzeria, a restaurant, deli and grocery store, hair salons and a barber shop. 1326-1342 Beach Channel Drive is located a short walk away from the A subway station at Mott Avenue, the Far Rockaway LIRR Station and the Q114 bus line. The property was sold by Beach Channel 12, LLC / 1326 Beach Channel Realty Corp. and purchased by Deer Grow Developments. The final closing price is $3 million, equating to $535 per square foot.
44-61 11th Street, located in Long Island City, is an approximately 18,500 square-foot, three-story retail and office building encompassing the entire blockfront on the east side of 11th Street between 45th Avenue and 44th Drive. The building is fully-leased with four separate tenants. The property boasts future development potential as it allows up to 32,000 buildable square-feet for residential development and has up to 13,500 square-feet of air rights. The property is adjacent to Court Square and is in walking distance to multiple subway lines including the E, M, 7, and G trains. 44-61 11th Street was sold by Bettina Weil and purchased by Head of Pond, LLC. The final closing price is $10.5 million, equating to $568 per square foot.
19-57 Steinway Street is a 10,000 square-foot, single-story warehouse located in Astoria. The property features 16’ ceiling heights, four drive-in roll-up gates and a month-to-month tenant currently in place. The property is conveniently located near the Grand Central Parkway, Brooklyn-Queens Expressway and multiple bus lines. The property’s seller was 19-57 Steinway ST, RTY CP and it was purchased by J&N Development, LLC. The final closing price is $4.55 million, equating to a record-breaking $455 per square foot.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) 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, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.