Flushing development site sells for $341 psf, breaks neighborhood record

The sale of a 29,000-square-foot development site in Flushing for $13 million sets a record for the neighborhood and shows that commercial office projects in the area are outpacing the rest of the borough.

The site — formerly Flushing Bank at 159-18 Northern Boulevard — sold for $341 per square foot, Crain’s reported. It’s not clear who the buyer is.

The deal sets a record for the neighborhood and even outshines prices of development sites in Long Island City, often regarded as more desirable given the volume of residential development in the neighborhood. Development sites in Long Island City usually sell for roughly $250 per square foot.

“People think Long Island City and Astoria run the borough,” Stephen Preuss, of Cushman & Wakefield [TRDataCustom], told Crain’s. “But if you look at the numbers, Flushing is far superior.”

In the December issue, The Real Deal highlighted the explosion of new development in Flushing, including luxury condos, office space and upscale hotels. F&T Group, the Rockefeller Group and AECOM Capital are currently building Flushing Commons, a $1 billion, 1.8 million-square-foot office, residential and retail complex.

And developer Chris Xu in November paid north of $115 per square foot for a four-acre Development Site That Was Once Slated For A Project Known As River Park Place. [Crain’s] — Kathryn Brenzel