Industry-Leading Brokerage Firm Closes Sale; Garners Record-Breaking Price for Queens Development Site
The CBRE Group team of Elli Klapper, Charles Berger, Ralph C. Guiffre and Robert A.Seidenberg recently arranged the $36 million sale of a mixed-use development site situated at 144-51 Northern Boulevard in Flushing, NY. The .85 acre, as-of-right development site was sold to a private investor,CW Northern LLC, and consists of two lots totaling 36,889 square feet. The site contains an 11,853-square-foot building currently housing a Flushing Bank branch, second story office space, and accompanying parking. At $36 million, or over $400-per-square-foot, the sale of the development site is one of the highest per square foot on record paid thus far in 2016 for an asset in Queens.
According to Mr. Klapper, who along with his colleagues represented Flushing Bank in the sale, “The Bank building is in an area that is ripe for new development. In contrast to reports that development sales are down due to the expiration of the city’s 421-A tax abatement program, we had a tremendous response to this offering with over a dozen competing bids. In the end we were able to garner a record-breaking sale price for this ideally located Flushing property, which boasts a 2.43 FAR, allowing for the construction of 89,640+/- square feet.”
Situated along Northern Boulevard in Flushing, one of the hottest New York City neighborhoods with a plethora of new office, retail and multifamily developments, the development provided the new ownership an incredible opportunity to construct a luxury condominium building in a thriving, transit-centric, multifamily and mixed-use neighborhood. Its location, just a few blocks from the Murray Hill LIRR Station and within walking distance of the 7 Train Main Street Station, was also an attractive attribute to the new owners as it allows for the construction of an ideally located property.Additionally, three city buses stop within one block of the property - Q13, Q28 and the QM3. Major highways easily accessible include the Van Wyck Expressway, the Long Island Expressway, the Clearview Expressway, the Cross Island Parkway andthe Grand Central Parkway.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
