NEW YORK, NY April 4, 2018 — Cushman & Wakefield today announced that the brokerage firm has been retained on an exclusive basis to arrange the sale of two adjacent development sites located in Elmhurst, Queens. The asking price for the first site, located at 83-02 Queens Boulevard and 51-11 Goldsmith Street is $7.5 million. The second site, located 83-06 Queens Boulevard, has a $3 million asking price.
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 sellers.
The first site is comprised of two lots located at 83-02 Queens Boulevard and 51-11 Goldsmith Street offering a combined lot footprint of 7,235 square-feet. The property features 40 feet of frontage on Queens Boulevard and 140 feet of frontage on Goldsmith Street. There are currently proposed plans for a 32,000-buildable-square-foot, six-story mixed-use building at the location. The proposal includes cellar offices, ground floor retail, 18-car parking and 26 residential units. The property is currently improved by a 4,000-square-foot diner and a two-family home in the rear, both of which will be undergoing demolition by ownership.
The second development site, located at 83-06 Queens Boulevard, is located on a 3,036-square-foot lot that offers 30 feet of frontage on Queens Boulevard. The site is currently improved by a two-story, 2,332 square foot office building with on-site parking, and features a maximum of 14,572 buildable-square-feet. Upon closing, the entire property will be delivered vacant.
“Situated near popular shopping centers, public transportation and a major expressway, and amongst significant existing and upcoming residential buildings, these properties present a fantastic assemblage prospect for any developer,” said Thomas A. Donovan. Eugene Kim added, “The opportunity to assemble and acquire 70 feet of retail frontage along Queens Boulevard is a rare occurrence in today’s market”.
Located in the heart of Elmhurst, both properties experience daily traffic counts of approximately 50,000 and are in close proximity to popular shopping malls, Queens Center and Queens Place. The properties are also located near the M and R subway station, the Q60 bus stop and the Long Island Expressway.
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.