Marcus & Millichap Lists Four-Story Office Building for Sale at $19.5 Million in Queens, New York City

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.

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.

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