New York, NY – August 8, 2018 — Cushman & Wakefield today announced that the brokerage firm has been retained on an exclusive basis to arrange the sale of three Queens properties. The properties range in price from $3.45 million and $22 million.
A team led by Senior Managing Director Stephen R. Preuss will represent the sellers in all marketing efforts.
“These listings offer an exceptional opportunity to invest in easily accessible Queens properties,” said Stephen R. Preuss of Cushman & Wakefield. “Each property benefits from exceptional visibility with significant frontage and is along highly trafficked corridors near public transportation options.”
The individual properties stretch across Queens’s top performing submarkets and a diverse range of asset classes.
89-26 162nd Street in Downtown Jamaica is a development site that has been subdivided from an original lot of approximately 44,683 square feet. The approximate lot square footage after the subdivision is 18,325 square feet. The property currently supports a 27,659-square-foot building, including a two-family home, which will be delivered vacant. After the subdivision, the subject property has all remaining air rights transferred from the original lot which equates to approximately 167,020 buildable square feet, all as of right. The asking price is $22 million.
Additionally, the team is marketing 120-20 Merrick Boulevard in Jamaica. The property is a 5,400-square-foot, fully-leased shopping center with a large parking lot in front of the building. The building is located at the busy traffic light intersection of Merrick & Baisley Boulevard with 280’ of linear footage. The property is anchored by a restaurant which has the largest space in the building. The tenants cover all their own utilities, as well as common area maintenance. The asking price is $4.2 million with a 5.22% cap rate.
14-35 Broadway in Astoria, an approximately 3,405-square-foot vacant lot set for multifamly development, rounds out the Queens properties set to hit the market . The property has fully-approved plans in place for an eight-story elevator multifamily building of approximately 13,520 gross building square feet. The building will consist of 15 residential units, all one-bedroom/one-bath apartments. The building will feature several amenities including a terrace and balcony space, as well as outdoor recreational space. The asking price is $3.45 million.
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.