Flushing Package To Fetch $50M

FLUSHING, NY-GlobeSt.com has learned that a partnership called Bowne St. Associates LLC is selling a 10-building package of residential units in Flushing, Queens. Adelaide Polsinelli, senior executive broker of the Platinum Team at Besen & Associates Inc., who has been awarded the assignment to sell the package, expects it will sell for $50 million.

Polsinelli tells GlobeSt.com that the partnership is selling after deciding to break up. The package contains 200 residential units and a development site here. Most of the buildings are located along Bowne Street and on 38th Avenue. The buildings total approximately 350,000 sf, Polsinelli notes. All bids are due on April 1.

10 building package

The package “presents an opportunity for an investor to acquire a critical mass of real estate in one of the most prime locations in Queens,” Polsinelli says. “Located just minutes away from all major transportation, and with such ethnic diversity, this property is an excellent investment opportunity. …The vacant development site is a perfect candidate for new condominiums, senior-housing or luxury rentals.”