The final closing price was $5,350,000, equating to approximately $241 per buildable square foot and $347 per square foot.
Cushman & Wakefield’s Stephen Preuss and Rani Bendary represented the seller, The McCloskey Family, in this transaction. The building was purchased by Giuseppe Zuccarella.
“Woodhaven Boulevard is one of the more heavily-trafficked areas in the borough,” said Stephen Preuss of Cushman & Wakefield. “As retailers continue to move into the neighborhood, this property will benefit significantly from the continued increased exposure.”
68-19 Woodhaven Boulevard features a retail property, a 9,900-square-foot industrial building with office mezzanine space and 8,700-square-feet of open outdoor space. Current tenants are on below-market leases with three years remaining, providing for easy management and a significant upcoming value-add opportunity.
The property sits at the northeastern corner of 68th Road and Woodhaven Boulevard, just one block north of the Yellowstone-Woodhaven intersection. The property is within walking distance to the Forest Hills Long Island Rail Road station as well as the Forest Hills – 71 Avenue subway station.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.