Massey Knakal Sells Retail Building In Woodside
A retail building at 57-14/16 Roosevelt Avenue, located on the corner of Roosevelt Avenue and 58th Street beside the elevated train in the bustling heart of Woodside, Queens, was sold in an all-cash transaction valued at $2,500,000.
The building contains approximately 6,300 square feet and sits on a 95’ x 68’ lot. It currently consists of two retail units. The larger unit contains 4,200 square feet with 95’ of frontage on Roosevelt Avenue and the second unit is 2,100 square feet. The sale price equates to approximately $407 per square foot.
There is a total of 15,309 buildable square feet as-of-right and with the community facility bonus FAR of 4.80 it could maximize the buildable square footage to approximately 30,240 square feet. The remaining existing air rights, approximately 9,000 square feet, could be used for a possible second and third floor add-on. The existing building could also be divided into a several unit retail strip which was the original use for the building.
“The building is located on at a fantastic corner location on Roosevelt Avenue and 58th Street on a busy retail corridor,” said Massey Knakal Director of Sales Stephen R. Preuss, who exclusively represented the seller in 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.