New York, NY – April 12, 2018 – Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to market a two-story, 11,240-square-foot retail building for sale at 89-22 Queens Boulevard in Elmhurst, Queens. The asking price is $10.4 million.
A Cushman & Wakefield team of Vice Chairman Thomas A. Donovan and Directors Tommy Lin, Eugene Kim and Robert Rappa will be leading the marketing efforts on behalf of the seller.
“89-22 Queens Boulevard provides tremendous retail exposure in one of the borough’s busiest shopping corridors,” said Thomas A. Donovan of Cushman & Wakefield. “With 3% annual rent increases and over seven years remaining on the lease, this property poses an ideal 1031 exchange opportunity.”
The property boasts 40’ of frontage on Queens Boulevard and 135’ of frontage on 57th Avenue. Currently, the entire property is leased on a NNN basis to DeRucci Bedding Co., a high-end furniture store that has invested $1.5 million into their build-out and operates over 2,200 stores worldwide.
Situated on the southwest corner of Queens Boulevard and 57th Avenue, the property is across from Queens Place and minutes away from Queens Center Mall, two highly-visited shopping centers. The building experiences an average daily traffic count of nearly 50,000 vehicles and is easily accessible via the Long Island Expressway and the M and R subway station.
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.