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

Massey Knakal Retained Exclusively To Sell Flushing Hotel And Development Portfolio

09/30/2013

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.

www.masseyknakal.com

09/30/2013 - 15:25

Source

Cushman & Wakefield Capital Markets Group New York

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