●MARCUS & MILLICHAP
Queens site goes for $11.25M
Marcus & Millichap Real Estate Investment Services has arranged the sale of an 86,560-square-foot development site in the Flushing neighborhood of Queens in New York City. The $11,250,000 sales price equates to $130 per buildable square foot.
Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and the buyer, a local partnership. The team exclusively marketed the opportunity to regional and national developers and generated numerous competing offers.
“The entire block where the site is located just had its zoning changed to C2-6A with an FAR of 4,” says Siegel. “This allows for various commercial and residential uses and increased the potential development size of the lot to 86,560 square feet, doubling the buildable square footage from its previous zoning. The seller spent six years working to get the block re-zoned,” adds Siegel.
“The downtown Flushing area is one of the heaviest trafficked sections in all of Queens,” notes Kook. “The site benefits from its proximity to the intersection of Main Street and Roosevelt Avenue, an area that features significant retail activity and convenient access to numerous modes of public transportation.”
The property is located on Avery Avenue in Flushing between College Point Boulevard and 131st St. It is across from a Home Depot and steps from Flushing Meadows Corona Park.
The site features 339 feet of frontage on Avery Avenue. It is composed of four lots currently occupied by one-story retail stores.
● MASSEY KNAKAL
MK offering Tribeca
townhouse for $24M
Massey Knakal Realty Services has been retained on an exclusive basis to sell a townhouse or condominium conversion at 70-72 Laight Street. The property is located between Greenwich and Washington Streets in Manhattan’s TriBeCa neighborhood. The asking price is $24,000,000.
The five-story elevator building contains approximately 12,750 square feet and sits on a 42.5’ x 60’ lot. It features a beautiful façade with Romanesque Revival elements, high ceilings, a curb cut, large south-facing windows with excellent views, and another set of windows overlooking a quiet backyard. This property presents an excellent opportunity for a townhouse user or developer. It will be delivered vacant at closing, and a draft set or architectural plans can be provided.
The property is one block from the Hudson River Esplanade and the park at Pier 25. Famous restaurants and retailers in the immediate area include Wolfgang’s Steakhouse, Nobu, Locanda Verde, TriBeCa Grill, The Harrison, J. Crew, and Issey Miyake.
“This is one of the last properties in TriBeCa that is over 40 feet wide so demand for this product type is huge,” said Massey Knakal’s Nick Petkoff, who is exclusively marketing this property.
“The beautiful façade with Romanesque Revival elements and high ceilings makes this a great potential high-end townhouse. We expect great demand for this asset based on similar properties we have marketed recently,” he added.
Williamsburg site sells for $12.7M
Adrian Langsner-Smilovici of Delta CRE arranged the sale of a development site in Williamsburg, Brooklyn. The combined properties of 132 Bedford Ave. and 138-142 North 10th St, sold for $12.7 million.
Langsner-Smiloviciand his team, Michael J. Leben and Meron Langsner, represented both the buyer and the seller in this transaction.
The seller , Apple Restoration Co., cited the area’s change over to a residential neighborhood for prompting their decision to relocate
The buyer of the properties, Bedford Acquisitions, LLC, has not yet disclosed their intentions for the properties, but have expressed that they are very excited to have a prime location on Bedford Ave.
Langsner-Smilovici, an industry veteran, has described this section of Brooklyn as “The New SoHo.”