Massey Knakal Retained Exclusively To Sell Flushing Hotel And Development Portfolio
Massey Knakal Realty Services has been retained on an exclusive basis to sell the Flushing Hotel and Development Portfolio, four properties located at 31-02/04/06 Linden Place, 31-16 Linden Place, 34-36 Linden Place, and 35-22 Linden Place in the Flushing neighborhood of Queens. The four lots total approximately 72,000 buildable square feet and the properties have a combined asking price of $24,950,000.
These properties have convenient access to major expressways including the Van Wyck and Grand Central Parkway as well as public transportation. Flushing has a great deal of interest from developers and international buyers and has seen major developments, and this portfolio poses a great opportunity in a prime location.
"This is a rare opportunity to acquire a portfolio of development and hotel properties in the exploding downtown Flushing marketplace," said Massey Knakal’s Stephen R. Preuss, who is exclusively marketing this portfolio.
31-02/04/06 Linden Place, located on the corner of Linden Place and 31st Road, is an approximately 14,284 buildable square foot development site on a 75’ x 125’ lot. Currently the property has pending plans with the NYC Department of Buildings for a 40-room hotel. The asking price is $5,000,000.
31-16 Linden Place, located between 31st Road and 32nd Avenue, will contain an approximately 13,603 square foot, 30-room hotel building on a 50’ x 125’ lot. It will also consist of seven parking spaces and an approximately 3,500 community facility with 20-foot high ceilings. The asking price is $9,200,000.
34-36 Linden Place, located between 32nd and 35th Avenues, is an approximately 13,886 development site on a 75’ x 125’ lot. The property currently has approved plans and issued permit for a 40-room hotel. The asking price is $5,800,000.
35-22 Linden Place, located between Northern Boulevard and 35th Avenue,is currently a two-story commercial building operating as a religious facility containing approximately 12,500 square feet on a 50’ x 125’ lot. It will be delivered vacant and poses an opportunity for development with approximately 15,188 buildable square feet, and a community facility bonus for a total 30,000 buildable square feet. The asking price is $4,950,000.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.