Cushman & Wakefield Sells One-Acre Retail Site in Flushing
A retail building at 160-04-06 Northern Boulevard, located between 159th Street and 162nd Street in the Flushing neighborhood of Queens, was sold in an all-cash transaction valued at $18,200,000.
The parcel consists of two tax lots and currently holds a building containing approximately 16,454 square feet on an approximately 42,763 square foot lot, with 97 parking spots. The site benefits from approximately 200 feet of frontage on Northern Boulevard. The property is currently leased on a NNN basis to a supermarket through September 2027 with a 5-year option, and the sale price equates to approximately $1,106 per square foot and a 5.0% cap rate.
The site is ideally located just four blocks from the LIRR. Additionally, the site is surrounded by national chain stores, including McDonalds, KFC, Firestone, Payless Shoes and FedEx.
“Northern Boulevard in Flushing has been seeing a tremendous amount of attention recently. There is a lack of real estate available in Flushing, therefore foreign and local investors are purchasing existing retail at magnified prices due to the favorable zoning and development upside in the future,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively represented the seller in this transaction with James Nelson and Thomas A. Donovan. The buyer was represented by Franklin In of ReMax Frontier.