96-25 42nd Avenue.
NEW YORK CITY–A diverse range of investors are flocking to Queens in search of investment opportunities. The investors, which include developers priced out of other markets and 1031 and retail buyers, are eyeing triple net investment properties, Stephen Preuss, vice chairman at Cushman & Wakefield, tells GlobeSt.com.
There is a lot of interest for commercial properties in the borough as demonstrated by Cushman & Wakefield's marketing of four properties across several submarkets, including 196-25 42 Ave. in Flushing, 116-14 Grosvenor Lane in Kew Gardens and 30-75 Steinway St. in Astoria. The listings highlight robust economic activity in the Queens from a wide range of investors.
30-75 Steinway St., for example, a 4,600-square-foot, three-story office property, located on the west side of Steinway Street between 30th and 31st Avenues, has an asking price of $2.95 million. Atlantic Bank is a tenant and in close proximity to the properties are the M, R, N and Q trains.
Located on the corner of 42nd Avenue and Francis Lewis Boulevard is 196-25 42nd Ave., a 16,534-square-foot school property with R3-2 zoning. Built in 2014, the building is comprised of three-floors of classrooms, a lower-level gym, a music room and play area and a rooftop playground. Just minutes away from the property, is the Auburndale LIRR station, multiple bus stops and the Clearview Expressway. The property's price tag is $13.5 million and is attractive to an Investor looking for a hands-off passive income stream.
"The newly constructed day-care has an experienced owner-user and is in a prime location and major thoroughfare," Preuss said.
Located at 111-15 37th Ave., is a 4,830-square-foot, four-story multifamily property in the Corona submarket. The building is equipped with several on-site parking spaces and is in direct proximity to the Grand Central Parkway, Northern Boulevard and Roosevelt Avenue. A short distance away, is the 7 train, accessible at the 111th Street Station.The asking price is $1.8 million. The Corona property was gut renovated and features R6B zoning and four large, full-floor three-bedroom and two-bathroom units.
The last of the four properties is 116-14 Grosvenor Lane and 82-91 116th Street, a residential development site with 26,912-buildable-square-feet and 50' of frontage on Grosvenor Lane just off of Metropolitan Avenue. The property has R7A zoning and a short distance to The Kew Gardens LIRR station. The asking price is $4.1 million.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
