Preuss and Donovan of Cushman & Wakefield arrange $2.95 million sale of retail building

January 23, 2018 - Shopping Centers
Stephen Preuss,
Cushman & Wakefield

 

Thomas Donovan,
Cushman & Wakefield

 

Queens, NY Cushman & Wakefield has arranged the sale of 30-70 Steinway St., a retail building in Astoria. The final closing price was $2.95 million.

A Cushman & Wakefield brokerage team consisting of senior managing director Stephen Preuss and vice chairman Thomas Donovan represented the seller, Schwab Realty, LLC.

30-70 Steinway Street, Astoria - Queens, NY

“Astoria continues to thrive as a sought-after retail neighborhood,” said Preuss. “Situated in one of the strongest retail corridors in Queens and currently leased to a retailer for well below market rate, the buyer was presented a tremendous opportunity for upside potential.”

The 3,375 s/f, 37.5’ wide retail building features one-story, plus a basement. The property is currently leased to Payless ShoeSource until June 2018.

The property is located on the west side of Steinway St. between 30th and 31st Aves. The building is located near  national retailers including CVS Pharmacy, Foot Locker, Modell’s Sporting Goods and Zales. Additionally, the building offers easy access to the M, R, N and W subway lines and multiple bus stops.

The building was purchased by Malachite Services, LLC.

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