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Queens site goes for $11.25m: Marcus and Millichap.

Marcus & Millichap Real Estate Investment Services has arranged the sale of an 86,560-square-foot development site in the Flushing neighborhood of Queens in Hew York City. The $11,25g,000 sales price equates to $130 per buildable square foot.

Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap's Manhattan office, represented the seder, a private investor, and the buyer, a local partnership. The team exclusively marketed the opportunity to regional and national developers and generated numerous competing offers.

"The entire block where the site is located just had its zoning changed to C2-6A with an FAR of 4," says Siegel. "This allows for various commercial and residential uses and increased the potential development size of the lot to 86,560 square feet, doubling the buildable square footage from its previous zoning. The seller spent six years working to get the block re-zoned," adds Siegel.

"The downtown Flushing area is one of the heaviest trafficked sections in all of Queens," notes Kook. "The site benefits from its proximity to the intersection of Main Street and Roosevelt Avenue, an area that features significant retail activity and convenient access to numerous modes of public transportation."

The property is located on Avery Avenue in Flushing between College Point Boulevard and 131st St. It is across from a Home Depot and steps from Flushing Meadows Corona Park. The site features 339 feet of frontage on Avery Avenue. It is composed of four lots currently occupied by one-story retail stores.
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Title Annotation:SELLING POINTS
Comment:Queens site goes for $11.25m: Marcus and Millichap.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Dec 4, 2013
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