Massey Knakal Sells Waterfront Mixed-Use Building In College Point
A mixed-use building at 14-34 110th Street on the College Point waterfront of Flushing Bay in Queens, was sold in an all-cash transaction valued at $10,100,000.
The seven-story building, which was completed in October 2006, has 34 residential units, 23,585 square feet of commercial office space, a 12,000 square foot attended lobby, and 95 parking spaces. There are six two-bedroom units, 24 one-bedroom units, and four studios, each with high-end finishes including granite countertops and stainless steel appliances. Twelve of the units have outdoor terraces. Building amenities include a gym, a laundry room on each residential floor, a storage room, and a roof deck. The property has potential to add five private roof deck cabanas as well as a Marina development with 50 boat slips. The sale price equates to approximately $147 per square foot, a 7.7% capitalization rate, and 10.5 gross rent multiple.
“We obtained a high amount of interest and competitive offers due to the waterfront location and future sell-out potential of the residential condos,” said Massey Knakal First Vice President of Sales Stephen Preuss who exclusively handled this transaction with Director of Sales Evan Daniel.
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.