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