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

Massey Knakal Sells Former St. John's Hospital - Prime Development/Conversion Site In Elmhurst

01/07/2014

Theformer St. John’s Hospital building at 90-02 Queens Boulevard andparking garage at 87-28 58th Avenue, located in the Elmhurst neighborhood of Queens, have been sold in a transaction valued at $47,000,000.

90-02 Queens Boulevard, located between 57th Avenue and Woodhaven Boulevard, is a seven-story plus penthouse, elevator-serviced former hospital building.  It contains approximately 266,322 square feet and sits on a 347’ x 105’ irregular lot. It has been gutted to the steel and concrete and all windows in the building have been replaced.  There are approved BSA plans to convert the property to a mixed-use building with retail on the ground floor and lower level, medical facilities on the second floor, and residential on the remaining floors.

87-28 58th Avenue, located on the corner of Hoffman Drive and 58th Avenue behind the former hospital, is a five-story parking garage with a capacity of 290 parking spots.  It contains approximately 86,400 square feet and sits on an 80’ x 218’ irregular lot.

“For the first time, Queens is beginning to see a trickle-down effect of rising rents from primary neighborhoods, like Long Island City.  This is similar to Williamsburg’s effect on Bushwick.  As a result, secondary markets, like Elmhurst, which also have great transportation, are experiencing strong increases in residential rents,” said Stephen Palmese who exclusively handled this transaction with Thomas A. Donovan. “This property is located across the street from the Queens Center Mall which is one of the top grossing malls in the US,” added Donovan.

The buildings are located right next to the most active retail corridor in Queens and across the street from Queens Place Mall and Queens Center.  They are in proximity to the Long Island Expressway, Grand Central Parkway, Van Wyck Expressway, and Brooklyn Queens Expressway.  The buildings are accessible by mass transit as well, with numerous bus lines servicing the area and access to the M and R subway lines at Woodhaven Boulevard.

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

01/07/2014 - 15:26

Source

Cushman & Wakefield Capital Markets Group New York

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