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

Massey Knakal Sells Office Building In Woodside

08/20/2013

Anoffice building at 61-04/10 Laurel Hill Boulevard, located on the corner of Laurel Hill Boulevard and 61st Street in the Woodside neighborhood of Queens, was sold in an all-cash transaction valued at $1,875,000.

This two-story property contains approximately 11,000 square feet and sits on an 89’ x 114.58’ irregular lot. It lies within an R4B/C1-2 zoning district, which allows for a maximum of 11,700 buildable square feet of commercial space and approximately 10,530 square feet of residential space.  The building is in need of some repairs and offers tremendous upside potential. Highlights include indoor and outdoor parking and additional storage space in the basement.  The sale price equates to approximately $169 per square foot.

This building is ideally located on the service road of the Brooklyn-Queens Expressway and just two blocks from Queens Boulevard. 

“The seller purchased the property from Massey Knakal as an owner/user years ago.  Due to our marketing strategy, we were able to find an investor who needed the space for his business and was willing to pay the asking price,” said Massey Knakal Partner Thomas A. Donovan, who exclusively handled this transaction.

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

08/20/2013 - 08:54

Source

Cushman & Wakefield Capital Markets Group New York

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