Nelson, Preuss and Weinreb of Cushman & Wakefield arrange $13.5 million sale

February 20, 2018 - Shopping Centers
James Nelson, Avison Young

 

Stephen Preuss, Cushman & Wakefield

 

Queens, NY According to Cushman & Wakefield, the firm has arranged the sale of 42-31 Bell Blvd., a retail building in Bayside. The final closing price was $13.5 million.

A Cushman & Wakefield brokerage team consisting of former vice chairman James Nelson (now with Avison Young), senior managing director Stephen Preuss and senior associate Carly Weinreb represented the seller, Midwood Investment & Development. The transaction was direct deal with the buyer.

“42-31 Bell Blvd. presented the buyer with an exceptional opportunity to acquire a fully-leased, zero maintenance property,” said Nelson. “The property is located in a prime retail destination in Queens and offers the potential for significant expansion.”

The 10,092 s/f building is currently split into three, fully-leased units. Bank of America anchors the property and occupies its 5,376 s/f corner, with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant, with leases through October 2019 and April 2024 respectively. The building provides a 20-space parking lot and approximately 22,814 s/f of air rights that could be used for commercial and residential expansion. 

Located on the northeast corner of Bell Blvd. and 43rd Ave., the property is situated in the heart of Bayside. The property is located on a prime retail strip, with neighboring tenants including Chase, Flushing Bank and Bareburger. 

Additionally, the building offers access to the LIRR and multiple bus stops.

The building was purchased by Hersel Sonobolian.

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