New York, NY – November 18, 2019 – Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to arrange for the disposition of 37-10 114th Street, a Holiday Inn Hotel in Flushing, and the leasehold sale of 92-77 Queens Boulevard, a site housing a Wyndham Garden Hotel, in Rego Park.
A Cushman & Wakefield team led by Vice Chairman Stephen R. Preuss with Denise Prevete and Kevin Louie will be marketing the properties.
“Queens is continuing to see an abundance of interest within the New York market,” said Preuss. “With proximity to major New York airports, these properties present prime long-term investment opportunities.”
37-10 114th Street, located in Flushing, is a Holiday Inn hotel with potential for conversion to alternate uses. The existing building square footage is approximately 107,000 square feet. The property includes 217 units, recreational space, conference rooms, a pool and banquet rooms. It is located in proximity to LaGuardia Airport, SkyView Parc, Grand Central Parkway and Citi Field, as well as the 7 train at Roosevelt Avenue.
92-77 Queens Boulevard, located in Rego Park, is a long-term leasehold opportunity with an attractive cap rate. It is a newly-constructed multi-story commercial building that is currently 100 percent leased, built in 2015. Current tenants at the property include Wyndham Garden Hotel, Starbucks, Retro Fitness, ImPark Garage and Boulevard Bistro. The site provides seamless access to multiple main thoroughfares including Queens Boulevard, Horace Harding Expressway and the Long Island Expressway.
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 approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 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.