Cushman & Wakefield announced today that the firm has arranged the sale of 43-10/24 Queens Boulevard, an 8,521 square foot, single-story retail building in the Sunnyside neighborhood of Queens. The final closing price was $9.9 million.
A Cushman & Wakefield brokerage team consisting of Vice Chairman Tom Donovan, Senior Director Will Suarez, Director Eugene Kim, Associate Director Maurice Suede and Associate Sean Rucker represented the seller in the transaction.
“The buyer acquired an exceptional opportunity to benefit from existing cash flow along with the potential for future redevelopment,” said Tom Donovan of Cushman & Wakefield. “They recognized that Sunnyside is a great investment as the success of Long Island City has been spilling over into the neighborhood.”
The property features 95 feet of retail frontage and is comprised of eight retail tenants, the majority of which have short-term leases and/or demolition clauses. The property offers approximately 43,700 square feet for prime mixed-use development.
Situated on the southwest corner of Queens Boulevard and 44th Street, the building is within a dense residential area and is ideally located just blocks from the 46th Street 7 subway station, which is only a 20 minute trip to Grand Central Terminal and just four miles from the east side of Manhattan.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
