TEKRA
News:
Brokerage
Posted: August 20, 2019
Kontis and Amato of TEKRA broker $13.6 million development site sale; Represent seller and procure buyer
TEKRA
TEKRA
Queens, NY TEK Realty Advisors LLC (TEKRA) has completed the sale of a development site located at 44-15 College Point Blvd. in Flushing. The property sold for $13.6 million or $478 per buildable s/f, above market average.
Situated on the northeast corner of College Point Blvd. and Pople Ave., 44-15 College Point Blvd. is a free-standing diner property possessing significant development rights and is within close proximity of Sky View Center, Downtown Flushing and the Queens Botanical Garden.
The property is located within an R6 zoning district and contains a 9,480 s/f of land area and 225 ft. of wraparound lot frontage.
The existing diner building will be razed to make way for a new building since the site can accommodate up to 28,440 buildable s/f for a residential development, and up to a maximum of 37,920 buildable s/f when incorporating community facility uses.
“The sellers owned the property for over 50 years and understood that the size and location of the site would command a premium from a developer,” said Theo Kontis. “This is one of the best undeveloped parcels south of Sky View Parc on College Point Blvd.”
“Due to the demand for development sites in Flushing, we had a tremendous amount of interest and were able to secure a purchaser in a very short amount of time,” said Vincenzo Amato who exclusively handled this transaction with partner Kontis.
Kontis and Vincenzo Amato of TEKRA represented the seller and procured the purchaser, a local construction and development firm.
TEKRA is a boutique commercial real estate brokerage and advisory firm located in NYC that specializes in the sale and leasing of investment properties, industrial/warehouses, development sites, self-storage facilities, retail stores and mixed-use/multifamily properties. TEKRA represents owners, sellers, purchasers and lessees of commercial estate assets throughout the metro area.
Tags:
Brokerage
MORE FROM Brokerage
Industrial Realty Group acquires 422,727 s/f distribution facility in south St. Paul
St. Paul, MN Industrial Realty Group, LLC (IRG) acquired a 422,727 s/f industrial distribution facility located at 411 Farwell Ave. in south St. Paul. The property was formerly the headquarters of The Sportsman’s Guide, an online and
Columns and Thought Leadership
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
.gif)
September Promotion
