NEW YORK CITY-The Utopia Center in the Fresh Meadows section of Queens was purchased by the Wharton Realty group of New Jersey for $51.7 million and represents a price of $474 per sf and a cap rate of 6.74%. Steven Siegel, a director in the Manhattan office of Marcus & Millichap's National Retail Group, represented both the buyer and the seller in the transaction.
"This aggressive price per sf and cash-on-cash return of 6% further exemplifies the high demand for trophy properties in New York City and the outer boroughs," says Siegel. "Situated at a major intersection in Queens, this property has excellent visibility and accessibility," Siegel says. "In addition, it is directly across the street from St. John's University."
Located at Utopia Parkway and Union Turnpike in the center of Queens, the street-level retail component is 100% occupied by such tenants as Barnes & Noble, Sprint PCS, Cold Stone Creamery, Chase and Citibank. Of the 54,025 sf of office space, a small amount is not leased.
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