January 11, 2017 Comments Off on $9M for Queens Development Site Views: 114 New York News, Outer Boroughs New York

$9M for Queens Development Site

A developer paid $8.7 million for a development site in Flushing, Queens.

Currently the property includes a funeral home and a parking lot. But the property at 136-25 41st Avenue could be redeveloped. It has 15,130 buildable square feet. At that current zoning, the all-cash sale works out to a price of $573 per buildable square foot — the highest price per-square-foot in the entire borough, according to Cushman & Wakefield.

The site is only blocks away from the 7 subway line and the Long Island Rail Road station at Main Street.

“With a thriving business district, a respected reputation, and large-scale developments underway, it’s no surprise that more investors are willing to spend more and capitalize on the area’s continued growth,” said Cushman & Wakefield’s Stephen Preuss, who brokered the transaction on behalf of the seller.

Both the buyer, 13625 41 Realty, and the seller, 41 Realty, are limited liability corporations named — not very creatively — after the property’s address.

Read More at Cushman & Wakefield

Connect to Cushman & Wakefield’s Preuss

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