Queens development site with 300K buildable sf hits market

Seller Piermont Properties wants $45M for parcel

May.May 29, 2015 08:00 AM

A development site in Woodside, Queens, that could support a nearly 300,000-square-foot mixed-use facility is up for grabs, with the seller hoping to fetch about $45 million, The Real Deal has learned.

The block-long assemblage of Four Parcels Sits On Queens Boulevard at 45th Avenue and is occupied by three commercial structures totaling over 53,000 square feet at 72-01 and 72-17 Queens Boulevard, a 7,966-square-foot apartment building at 72-34 45th Avenue, and a 3,018-square-foot vacant house at 72-30 45th Avenue.

HFF’s Eric Anton, Steven Rutman and Rob Hinckley are representing the seller, Jeff Novick of Westbury, N.Y.-based Piermont Properties, who picked up all of the sites between August 2014 and January 2015 for a total of $25 million.

Woodside “is experiencing dynamic growth from new residents relocating from Manhattan and Brooklyn to take advantage of the larger apartment spaces and terrific commuting options to Midtown’s commercial district,” Anton said.

Accounting for inclusionary housing and community facility bonuses, a developer could put a 297,000-square-foot mixed-use building on the site.
“It’s got frontage on both Queens Boulevard and 45th Avenue so it has a good mix. You can have the commercial on Queens Boulevard and the residential on 45th,” Rutman said.

The existing tenants, including large auto parts supply store IDFR, are subject to short-term leases or termination clauses, according to marketing materials.

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