News:
Brokerage
Posted: March 3, 2020
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 37th 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
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 37th 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.
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
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
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,
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)
August Promotion
