TEK Realty Advisors LLC (“TEKRA”) is thrilled to announce the sale of a development site located at 44-15 College Point Boulevard in Flushing, Queens. The property sold for $13,600,000 or $478 per buildable square foot, well above market average.
Situated on the northeast corner of College Point Boulevard and Pople Avenue, 44-15 College Point Boulevard is a free-standing diner property possessing significant development rights and is within close proximity of Sky View Center, Downtown Flushing and the Queens Botanical Garden.
The property is located within an R6 zoning district and contains an approximately 9,480 s/f of land area and 225 feet of wraparound lot frontage.
The existing diner building will be razed to make way for a new building since the site can accommodate up to 28,440 buildable s/f for a residential development, and up to a maximum of approximately 37,920 buildable s/f when incorporating community facility uses.
“The sellers owned the property for over 50 years and understood that the size and location of the site would command a premium from a developer” said Theo E. Kontis.
“This is one of the best undeveloped parcels south of Sky View Parc on College Point Boulevard.”
“Due to the demand for development sites in Flushing, we had a tremendous amount of interest and were able to secure a purchaser in a very short amount of time” said Vincenzo Amato who exclusively handled this transaction with partner Kontis.
TEKRA represented the seller, Koumbar Realty Ltd., and procured the purchaser, a local development firm controlled by Kenny Liu.