Wednesday, November 27, 2013

New York City Development Site Sells for $11.25 Million

  
86,500-SF Development Site on Avery Avenue
between College Point Boulevard and 131st Street
in Flushing neighborhood of Queeens in New York City

Steven Siegel
NEW YORK, NY, Nov. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an 86,560-square-foot development site in the Flushing neighborhood of Queens in New York City. The $11,250,000 sales price equates to $130 per buildable square foot.

            Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and the buyer, a local partnership. The team exclusively marketed the opportunity to regional and national developers and generated numerous competing offers.

            “The entire block where the site is located just had its zoning changed to C2-6A with an FAR of 4,” says Siegel.

Michael Kook
“This allows for various commercial and residential uses and increased the potential development size of the lot to 86,560 square feet, doubling the buildable square footage from its previous zoning. The seller spent six years working to get the block re-zoned,” adds Siegel.

            “The downtown Flushing area is one of the heaviest trafficked sections in all of Queens,” notes Kook.

“The site benefits from its proximity to the intersection of Main Street and Roosevelt Avenue, an area that features significant retail activity and convenient access to numerous modes of public transportation.”

Michael Halpern
            The property is located on Avery Avenue in Flushing between College Point Boulevard and 131st St. It is across from a Home Depot and steps from Flushing Meadows Corona Park.

The site features 339 feet of frontage on Avery Avenue. It is composed of four lots currently occupied by one-story retail stores.

 For a complete copy of the company’s news release, please contact:

 Gina Relva
Public Relations Manager
(925) 953-1716

No comments:

Post a Comment