Massey Knakal Retained Exclusively to Sell Retail and Office Building in Fresh Meadows
Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail and office building at 159-16 Union Turnpike. The property is located on the corner of Union Turnpike and 160th Street in the Fresh Meadows neighborhood of Queens. The asking price $14,650,000.
The newly-built, retail-anchored office building contains approximately 37,814 square feet and sits on a 123.25’ x 111.5’ lot. Consisting of six retail units and 11 office units, the building is currently fully-leased and poses tremendous upside. It is also ideal for a user to position themselves as a major tenant in a building with great visibility and high vehicle traffic.
The subject property is conveniently located in proximity to the Grand Central Parkway and Van Wyck and Long Island Expressways. In addition, multiple bus lines service the area along Union Turnpike, Parsons Boulevard, and 164th Street. The offering poses a rare opportunity for a large office investment property in one of the most highly desirable areas in Queens.
“There is a tremendous opportunity to add significant value by increasing the rents which are currently on average at 50% market value. Additionally, the asset is being offered well below replacement cost,” said Massey Knakal’s Stephen R. Preuss,who is exclusively marketing this property with Brian J. Sarath.