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Cushman & Wakefield Sells Commercial Building with Development Potential in Whitestone

03/26/2015

A commercial building at 150-42 12th Avenue, located between Clintonville and 150th Streets in the Whitestone neighborhood of Queens, was sold in an all-cash transaction valued at $1,475,000.

The property consists of an approximately 4,500 square foot commercial building with a parking lot in the rear which can hold 14 vehicles.  It was delivered vacant and can be renovated or developed into a variety of uses.  Zoned C2-2/R3-2, the property holds up to approximately 10,000 buildable square feet.  The sale price equates to approximately $328 per square foot or $148 per buildable square foot.

The property benefits from its location in one of the most desirable areas of Queens and in close proximity to all major thoroughfares including the Whitestone Expressway and Cross Island Parkway.

“This owner-user property allows the buyer to use the existing space and, as his business grows, eventually add-on square footage with the additional available development rights afforded by the zoning in this area,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively handled this transaction with Stephen P. Palmese.

03/26/2015 - 18:45

Source

Cushman & Wakefield Capital Markets Group New York

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