Queens development site with 300K buildable sf hits market

Seller Piermont Properties wants $45M for parcel

TRD New York /
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.


Related Articles

arrow_forward_ios
AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners
Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline
(Illustration by Oivind Hovland)

Why HFF has been muscling out some of JLL’s top producers

Why HFF has been muscling out some of JLL’s top producers
JLL CEO Christian Ulbrich (Credit: iStock)

JLL revenue skyrockets after HFF merger

JLL revenue skyrockets after HFF merger
72-01 Queens Boulevard in Queens and Shawn Hakimian

Hakimian Org plans 346-unit mixed-use project in Woodside

Hakimian Org plans 346-unit mixed-use project in Woodside
Jonathan Schwartz and Aaron Appel

Aaron Appel leaves JLL to launch own firm

Aaron Appel leaves JLL to launch own firm
6107-6125 Woodside Avenue in Queens

Fisher Associates buys pair of Queens multifamily buildings for $36M

Fisher Associates buys pair of Queens multifamily buildings for $36M
From left to right: Advance, Greek Development secure financing for Avenel cold storage facility, West Orange acquires Rock Spring Golf Club, Jersey City advances hotel proposal near Liberty State Park, Multi-use North Hoboken redevelopment moves forward.

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...