Cushman & Wakefield has been retained to arrange the sale of a six-property, 171,892 s/f retail-focused portfolio on Main Street in Flushing, Queens.
The seller has set a $238 million asking price for the asset package.
The portfolio offers approximately 317,121 gross buildable square feet as well as 147,029 gross square feet of current air rights.
With retail rents in the district routinely exceeding $200 per square foot and office rates often running above $80 per square foot, Flushing’s Main Street represents the highest-paying retail and office corridor in Queens.
“Flushing is one of a kind,” said Stephen R. Preuss, the senior managing director with Cushman & Wakefield leading the sales team. “This dynamic Main Street portfolio presents investors with a once-in-a-generation, value-add opportunity. It offers prospects for redevelopment and expanded retail at a level unmatched anywhere in the outer boroughs.”
Preuss said that because of a long-term, conservative leasing approach adopted by the owner, Mehran Enterprises, Ltd, the sites presently rent at an average of nearly 40 percent of current market rates.
The six properties are all located within one block of each other, and five are now fully leased. All stand within immediate proximity of the Flushing stop along the number 7 subway line, one of the busiest subway passenger locations anywhere outside Manhattan.
Cushman & Wakefield is marketing the Main Street portfolio in co-operation with Mehran Realty Corp. and Mehran Enterprises, Ltd. Members of Preuss’ in-house sales team include Denise Prevete, Kevin Louie and Andreas Efthymiou.
With its development rights, the portfolio collectively represents 265 feet of frontage on Main Street and 178 feet of frontage on 37th Avenue on the corner of Main Street.
The individual properties include 37-02, 37-13, 3641-3647, 36-51 and 36-48 Main Street and 135-28 37th Avenue.