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| 48-02 25th Avenue, Astoria Neighborhood Queens, New York City |
NEW YORK, Nov. 3, 2014 – Marcus & Millichap (NYSE: MMI),
a leading commercial real estate investment services firm with offices
throughout the United States and Canada, today announced it has retained the
exclusive listing to market for sale 48-02 25th Ave., a four-story,
95,000-square-foot office building in the Astoria neighborhood of Queens in New
York City.
The listing price is $19,500,000.
Mark Gjonbalaj and Andrew Watson, both in
Marcus & Millichap’s Manhattan office, are representing the seller, a Queens-based
owner/investor.
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| Mark Gjonbalaj |
“The building offers an excellent opportunity to capture
rent growth in the near future from surging demand for office space in the
Astoria/Long Island City office marketplace,” says Gjonbalaj.
“The property’s high-tech industry tenants are part of a
growing trend of tech companies that need proximity to Manhattan without paying
Manhattan’s premium rents.”
“Long Island City and Astoria are enjoying a residential
redevelopment renaissance, yet there are very few new or competitive commercial
developments in the area,” adds Watson.
Constructed in 2009, the building is located at 48-02 25th
Ave. in New York, right off the Brooklyn-Queens Expressway (Interstate 278)
with immediate access to the Grand Central Parkway and full-block exposure on
25th Avenue between 47th Street and 48th Street.
The location provides easy access to LaGuardia Airport, the
Robert F. Kennedy Bridge and major roadways leading to other points in Queens,
Manhattan, Brooklyn and the Bronx.
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| Andrew Watson |
The building
is situated on a 34,055-square-foot lot. The ground floor level is
approximately 27,000 square feet, the second floor is an approximately
34,000-square-foot parking level with 136 surface spaces, and the third and
fourth floor levels are approximately 17,000 square feet each.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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