Two Willets Point industrial properties are now up for sale

The move casts doubt over redevelopment plans for the area

New York /
Sep.September 11, 2017 04:12 PM

UPDATED, Sept. 11, 5:54 p.m.: Two industrial properties in Willets Point in Queens are on the market for a combined $33.9 million, raising questions over whether plans for a massive redevelopment of the area will come to fruition.

A salvage yard called Semoc is asking $17.9 million for a one acre-site in the middle of the auto shop and junkyard district, Crain’s reported. A truck and auto repair shop is trying to sell a parcel at the north end of Willets Point for $16 million, according to the publication.

Queens Development Group, a partnership between Sterling Equities and Related Companies, proposed a redevelopment plan for Wilets Point in 2011, which would feature retail space, a hotel, outdoor space, a public school, and eventually 2,500 units of housing.

In June, the New York Court of Appeals ruled that the development could not move forward without approval from the state legislature. The city is planning the redevelopment in two phases, and these parcels are close to the phase-one area.

“If we can get large enough sites here, maybe we will be the first to market and take advantage of the interest in the area,” Stephen Preuss of brokerage Cushman & Wakefield, which is handling the sale of the properties, told Crain’s. [Crain’s]Miriam Hall

Correction: An earlier version of this story incorrectly stated the combined value of the parcels as $50.9 million. 


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Sonder CEO Francis Davidson and 130 Duane Street (Sonder, Google Maps)
Premier Equities buys Tribeca hotel, inks Sonder to lease
Premier Equities buys Tribeca hotel, inks Sonder to lease
Private investment funds targeting real estate had about $356 billion in cash reserves in April. (iStock)
Pension funds, private equity splurge on real estate
Pension funds, private equity splurge on real estate
1959 Jerome Avenue, 133-33 Brookville Boulevard and 407 Park Avenue. (Google Maps)
Office deals top last week’s mid-market i-sales
Office deals top last week’s mid-market i-sales
Marc Ganzi (Photo by Sonya Revell)
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
U.S. President Joe Biden removes his mask before speaking about updated CDC mask guidance. (Getty)
In CDC we trust: Mask guidance prompts changes
In CDC we trust: Mask guidance prompts changes
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
arrow_forward_ios

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

Loading...