Preuss of Cushman & Wakefield arranges sale of development site for Yihai Group in Queens

Queens, NY Cushman & Wakefield has arranged for the sale of 133-25 37^th Ave., a nearly one-acre development site in Downtown Flushing. Considered one of the last large land parcels in the area, the site sold for $58.5 million, one of the largest Opportunity Zone development sites sold in the area this year. The final sale price equates to $290 per buildable s/f.

Cushman & Wakefield’s Stephen Preuss represented the seller, Yihai Group, in the transaction.

“This site is one of the last large land parcels in downtown Flushing,” said Preuss. “It’s no surprise this site sold at a premium considering Flushing’s booming development scene coupled with the fact the site is located in a Qualified Opportunity Zone.”

133-25 37^th Ave. is an existing commercial building of 51,617 s/f. The property sits in a C4-2 zoning (R6 equivalent), which allows for over 200,000 buildable s/f. Yihai Group had proposed plans for a 205,000 s/f mixed-use development site consisting of residential, retail, hotel and community facility space.

Located in a Qualified Opportunity Zone, the lot is across from the new Two Fulton Sq. development, a two-phase mega mixed-use project by F&T group that will include condominiums, retail and hotel space.

The site is located in Downtown Flushing, which is home to numerous new developments, a flourishing retail and office market and a highly-desirable neighborhood for new residents. Nearby developments include One & Two Fulton Square, Willets Point, Flushing Commons and Flushing Tangram.