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

Massey Knakal Sells Vacant Commercial Building in Long Island City

07/09/2012

A vacant two-story building at 38-40 Crescent Street, located on the corner of 39th Avenue and Crescent Street just three blocks north of the Queensboro Bridge in Long Island City, was sold in an all-cash transaction valued at $1,305,000.

The commercial property is approximately 5,000 square feet and sits on a 25’ x 100’ lot. There is 2,500 square feet of finished office space on the main floor as well as another 2,500 square feet for parking and/or storage on the street level. There is one overhead roll-up gate fronting 39th Avenue that offers access for cars or trucks from the street level. The sales price equates to approximately $260 per square foot.

“After just 90 days on the market, this corner property was sold to a user. Based on the close proximity to two new hotels, the property garnered tremendous activity, said Massey Knakal Vice President of Sales Al Holloman who handled the transaction. “The new ownership will be able to benefit from the heavy tourist traffic as both hotels are enjoying occupancy rates of nearly 95%,” added Holloman.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

07/09/2012 - 09:59

Source

Cushman & Wakefield Capital Markets Group New York

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