Holloman of Massey Knakal brokers all cash sale in Queens: $3.325 million

A commercial property at 42-02 21st St. in the Long Island City neighborhood recently sold in an all cash transaction valued at $3.325 million. The property, which was delivered vacant, is located at the entrance to the Queensboro Bridge and is the most visible gas station/repair shop in the Queens Plaza sub-district of Long Island City. The Sunoco-branded gas station (approximately 1,830 s/f) is situated on a footprint of approximately 9,200 s/f. With a zoning designation of M1-4 and an F.A.R. of 2.0, this property has 18,400 buildable s/f for commercial or retail development. "The value of the property was enhanced by the seller's ability to deliver the property vacant and fully functional, which accounts for a selling price that achieved over $350 per s/f for the 9,200 s/f lot," said Massey Knakal broker Al Holloman, who exclusively handled this transaction. Massey Knakal was the sole broker in this transaction.