Queens, NY According to the Corbin Group at Besen & Associates, the firm has completed the sale of the Shirokia Tower, an 11-story elevator building on a 50’ x 200’ parcel. Located at 142-28 38th Ave. in the Flushing neighborhood, it is close to Flushing Commons, a 1.8 million s/f, $850 million mixed-use development which spans 1.5 acres.
The property was sold for $25 million by Greg Corbin, Miguel Jauregui and Leah Chen.
The residential tower has condos that with wood flooring, granite countertops, GE stainless steel appliances, Kohler bathroom fixtures, 10.8 ft. ceiling heights, balconies and/or terraces, in-unit washer/dryers and video/audio intercom system. There are 15 2-bed/2-bath units, seven 3-bed/2-bath units and one 5-bed/4-bath penthouse duplex unit.
“The Flushing market is already among the strongest in the five boroughs where home sales prices have shot up more than 40% in the last five years and residents can only expect greater maturation in values as a local skyline emerges throughout the next decade,” said Corbin
Shirokia Tower is one of the tallest buildings in the area with higher floor units having unobstructed views of the Manhattan and developing Flushing skylines.
“Downtown Flushing is the largest urban center in Queens, with its bustling Chinatown second in size to Manhattan’s, although wealthier than its Manhattan Chinatown counterpart,” said Jauregui. “The sale price exceeded all expectations.”
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.