Cushman & Wakefield Sells Comemrcial Building with Development Potential in Downtown Flushing
A commercial building with development rights at 142-26-30 Roosevelt Avenue, located between Union and Bowne Streets in the downtown Flushing neighborhood of Queens, was sold in an all-cash transaction valued at $6,800,000.
The property currently consists of a two-story commercial building, containing approximately 5,476 square feet on a 39’ x 179’ lot. Zoned C2-2/R6, it holds approximately 21,060 buildable square feet as-of-right. The sale price equates to approximately $1,242 per square foot and $322 per buildable square foot.
The property is located on Roosevelt Avenue, one of the busiest retail corridors of Queens. It is two blocks away from the heavily trafficked #7 Main Street subway station.
“This location is one of the busiest and most trafficked areas in all of Queens and this property provided the buyer a rare opportunity to acquire a site in the desirable downtown Flushing marketplace,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively handled this transaction.