Cushman & Wakefield Sells Mixed-Use Building in Astoria
A mixed-use building at 41-13 31st Avenue, located between 41st and 42nd Streets in the Astoria neighborhood of Queens, was sold in all-cash transaction valued at $1,650,000.
The three-story building contains approximately 3,030 square feet and sits on an 18’ x 95’ lot. It consists of one retail unit on the ground floor with two, three-bedroom apartments above. The sale price equates to approximately $545 per square foot.
This property benefits from its proximity to the Grand Central Parkway, Brooklyn-Queens Expressway, and the Steinway Street M and R subway station.
“Due to our proven marketing process, we were able to procure a buyer at a 5.3% cap rate and approximately $545 per square foot, which are excellent metrics for this area on a side block,” said Cushman & Wakefield’s Stephen Preuss, who exclusively handled this transaction with Thomas A. Donovan.