Cushman & Wakefield today announced that the firm has arranged the sale of a 17,025-square-foot vacant residential lot located at 3129-3139 137th Street in Flushing, Queens. The property was sold for $11 million.
Senior Managing Director Stephen R. Preuss of Cushman & Wakefield represented the seller, Flushing Lot 7 LLC, in the transaction.
“Flushing has emerged as one of the fastest growing neighborhoods in Queens and is an ideal location for commercial and residential development,” said Stephen R. Preuss of Cushman & Wakefield. “This sale offers a prime opportunity to capitalize on Flushing’s rapidly growing population and the demand for residential projects.”
The property offers 41,370 buildable square feet and sits within an R6 zoning, allowing for residential development. It consists of six contiguous lots and is the last large parcel of land usable for residential development in the neighborhood. The current price marks $266 per buildable square foot.
Located on 137th Street between 31st Road and 32nd Avenue, the property is walking distance from Leavitts Park and is conveniently located near the 7 subway line. The property is in close proximity to the Van Wyck and Whitestone Expressways, as well as the QM20, Q25, Q34, and Q50 bus lines. Additionally, 3129-3139 137th Street is located near various dining, retail and entertainment options including Citi Field and Queens Crossing.
The building was purchased by American HK Development, Inc.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
