Cushman & Wakefield Sells Retail Building in Bayside - Sets Price Per Square Foot Record
A retail building at 41-19 Bell Boulevard, located between 41st and 42nd Avenues in the Bayside neighborhood of Queens, was sold in an all-cash transaction valued at $4,000,000.
The single-story building contains approximately 4,648 square feet on a 26’ x 141’ irregular lot and is net leased to Lucille Roberts. Zoned C2-2/R6B, the property benefits from approximately 11,426 buildable square feet and features a mezzanine and lower level. The sale price equates a 3.9% capitalization rate and approximately $860 per square foot, a record for Bayside.
Ideally situated on the retail corridor of Bell Boulevard, the property is just steps from the LIRR Bayside Station. Additionally, numerous national brand retailers are within walking distance.
“Bayside has been generating a lot of attention from local and foreign investors looking to capitalize on the upside in the area. This property has tremendous add-on value with below-market rent and development rights which fueled our marketing and allowed us to procure a buyer at a record-breaking price,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively handled this transaction.