Cushman & Wakefield today announced that the firm has arranged the sale of a corner development site located at 141-57 Northern Boulevard in Flushing, Queens. The property sits on a unique lot of approximately 22,663 square feet in C1-2/R6 zoning. The FAR is 3.0 (as of right), which allows up to 67,989 buildable square feet for mixed-use development. The final closing price was $23,000,000.
Cushman & Wakefield’s Senior Managing Director Stephen R. Preuss and Vice Chairman Stephen P. Palmese represented the seller, 141-57 Northern Boulevard, Inc., in the transaction. The site was purchased by NY EZ Property Holdings, LLC.
“With an extremely diverse community and an ideal location along the 7 train and LIRR, Flushing has emerged as one of the fastest growing neighborhoods in Queens,” said Stephen R. Preuss of Cushman & Wakefield. “The recent success of local projects such as The Grand at Sky View bodes well for future development as demand for new residential space continues to outpace supply.”
141-57 Northern Boulevard is a corner mixed-use development site with 270+ square feet of frontage. The property currently features an approximately 14,200 square foot building occupied by a commercial tenant and Bank of America. Bank of America currently operates 4,100 SF on a lease through March 31, 2020 currently paying $9,566.67 per month (with no options) and the remaining commercial space will be delivered with an approximate one-year lease back to the current tenant.
At the northwest corner of Northern Boulevard and Parson Boulevard, the site is less than a mile away from the 7 Main Street subway station and the LIRR at Main Street and Murray Hill stations.
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.
