Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Sells Mixed-Use Building in Astoria

05/08/2015

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.

05/08/2015 - 19:45

Source

Cushman & Wakefield Capital Markets Group New York

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