Quartet of Queens Properties Come On The Sale Block

NEW YORK CITY- A quartet of  properties in the Sunnyside, Hollis, Jackson Heights and Bayside neighborhoods of Queens have come to market. Cushman & Wakefield is marketing the properties on behalf of the respective sellers. Properties include 51-02 Roosevelt Ave., 206-02 to 206-24 Hillside Ave., 3711-3713 74th St. and 217-14 Northern Blvd.

“The emerging Queens real estate market continues to prove that investors are prepared to discover previously untapped markets,” said Cushman’s Stephen Preuss in a prepared statement.  “Spread throughout the borough, these four properties offer unique opportunities that ensure a sound investment.”

Located in Sunnyside is 51-02 Roosevelt Ave., a 124,589-buildable-square-foot corner development site. The property features a 26,000-square-foot lot with over 300 feet of frontage on Roosevelt Avenue and 51st Street, with an average daily traffic count of more than 50,000 vehicles. The site is located along the 52nd Street-Lincoln Avenue Station, accessible via the B32, Q60 and Q104 bus lines and in direct proximity to Queen’s primary thoroughfares. It presents the opportunity to acquire one of the last large corner developments in a neighborhood with a strong retail presence. The property’s seller is HW LIC One.

In the Hollis neighborhood of Jamaica, 206-02 to 206-24 Hillside Ave., a 20,8000-square-foot retail strip has come up for sale. Located on the corner of a busy intersection, the single-story retail strip features on-site parking, air rights and the ability to increase rents in the near term. The property has a total of seven commercial units, of which six are currently occupied. The property is located a quarter of a mile from the Clearview and Grand Central Parkway, with the Queens Village LIRR station approximately one block away. It is across the street from Franhill Plaza shopping center, which includes national retailers. The property is being sold by Hillside Avenue Partners. The asking price is $7.95 million.

In Jackson Heights at 3711-3713 74th St. is a 19,400-square-foot retail and office property. The three-story commercial building comprises 18 commercial units. With a number of long-term tenants at the property, there is a proven record of income stability with three vacancies, allowing for upside potential. The building is situated just south of the 37th Avenue and 74th Street intersection with high foot traffic. It’s a two-minute walk south of the Roosevelt Avenue-Jackson Heights subway station, offering easy access to the 7, E, F, M and R trains. The property’s seller is E&R Kim, LLC. The asking price is $22.7 million.

Located in Bayside at 217-14 Northern Blvd. is a 6,711-square-foot retail and office property. The two-story, mixed-use building is situated in an ideal location, boasting an additional 1,457-square-feet of remaining air rights. The property is currently leased to nine commercial tenants with below market leases that expire in the near future. The site is located in one of the most active corridors in Queens. The LIRR Bayside station, Cross Island Parkway and Clearview Expressway are conveniently located just blocks away. The property’s seller is 217-14 Realty, LLC. The asking price is $3.9 million.