Schechtman of Eastern Consolidated brokers $17 million sale of 112-21 Northern Blvd.

Eastern Consolidated, one of the leading investment sales brokerage firms, has arranged the sale of 112-21 Northern Boulevard, in the Corona neighborhood of the borough, for $17 million. Property owner Dick DiBlasi sold the parcel to a private Chinese investor. The entire triangular-shaped parcel - which includes two structures making up DiBlasi Ford, is zoned for up to 357,000 s/f of developable land. "We are thrilled to continue to represent owners of large tracks of land in the New York City boroughs and assist with the transformation of entire neighborhoods," said David Schechtman, a principal and executive managing director with Eastern Consolidated, who represented both the buyer and the seller. "The sale of 112-21 Northern Boulevard was a twelve month process. The broad and widespread marketing program resulted in a significant positive outcome." Schechtman noted that several new construction projects have recently been completed in the area, including the 173-key Springhill Suites LaGuardia Airport hotel across the street, as well as a new public school a few blocks away. The sale of 112-21 Northern Boulevard continues that trend. "There will be no displacement of tenants," Schechtman said. "DiBlasi Ford is planning to relocate nearby, keeping those jobs local. And the new owners are under discussion to bring a major project to Corona, which itself will create hundreds of local jobs and further enhance property values in the area." The property at 112-21 Northern Boulevard is in close proximity to public transportation and parks, and features excellent accessibility, as it is bounded by Northern Boulevard to the south, 112th Place to the west, and Astoria Boulevard to the north and east, and is close to major highways. The site is also located within one mile of John F. Kennedy International Airport, LaGuardia Airport, Citi Field, the U.S. Open Tennis Center at Flushing Meadows, and the World Fair Marina. In addition, 112-21 Northern Boulevard is within walking distance of downtown Flushing, the largest urban center in Queens and one of the largest "Chinatowns" in the United States. Corona is predominantly a residential neighborhood with its main commercial corridor along Northern Boulevard.