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

Massey Knakal Sells Fully-Leased Corner Retail Building In Astoria

09/04/2014

A corner retail building at 2856-2860 Steinway Street, occupying the entire block front of 30th Avenue between Steinway and 38th Streets in the Astoria neighborhood of Queens, was sold in an all-cash transaction valued at $32,000,000.

The three-story building contains approximately 37,334 square feet on a 100’ x 190’ lot and features 390’ of high visibility frontage. Currently, the property is leased long-term to a diverse trio of national credit tenants, New York Sports Club, JP Morgan Chase Bank and Duane Reade. The sale price equates to approximately $627 per square foot.

The building is located in Astoria, which is one of the most desirable neighborhood in Queens. The 2.4 mile Steinway Street corridor has emerged as the area’s preeminent shopping destination with over 300 stores featuring a mix of national retailers, local boutiques/shops, and eateries. The property is in close proximity to countless transportation options, including the N and Q subway lines at 30th Avenue, as well as the E, M and R subway lines at the intersection of Steinway Street and 34th Avenue.

“With the value of retail properties in Manhattan increasing at a record breaking pace, it is not surprising to see demand spill over into the outer boroughs. This transaction is a clear example of that dynamic, as there were many parties bidding who have been primarily Manhattan investors who are now broadening their property searches geographically,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Thomas A. Donovan.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

09/04/2014 - 08:32

Source

Cushman & Wakefield Capital Markets Group New York

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