Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to market a prime retail property for sale, located at 31-79 Steinway Street in Astoria, Queens. The asking price is $2.95 million.
A Cushman & Wakefield team consisting of Senior Managing Director Stephen R. Preuss, Vice Chairman Thomas Donovan, and Senior Associate Andreas Efthymiou will be leading the marketing efforts on behalf of the property’s seller, Steinway Sports & Recreation Center, Inc.
“This prime retail opportunity with favorable development rights is fully-leased and can be delivered vacant,” said Stephen R. Preuss of Cushman & Wakefield. “With the current rent of $79.37 per square foot, representing approximately 85% of market value, this property presents investors with tremendous upside potential on one of the borough’s strongest retail corridors.”
The single-story, 25’ wide retail building totals 2,250 square feet, with an additional 4,500 square feet of air rights included in the listing. The property is currently leased to a 99 Cents Discount Store and can be delivered vacant.
Located on the east side of Steinway Street, just north of Broadway, 31-79 Steinway Street is situated on a major thruway in the heart of Astoria. Nearby national retailers include CVS, Duane Reade, TD Bank, Gap, GNC, McDonald’s, Verizon Wireless and FedEx. The property is easily accessible by the M and R subway lines, in addition to multiple bus stops.
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.
