$338-Per-Buildable-SF in Flushing, Queens, at 141-57 Northern Blvd.

Developers paid $23 million for a corner development site at 141-57 Northern Blvd. in the Flushing neighborhood of Queens.

The 22,663-square-foot site is zoned to allow a floor area ratio of 3.0, which allows up to 67,989 buildable square feet for mixed-use development. That works out to a high price of $338 per buildable square foot.

Flushing has emerged as one of the fastest-growing neighborhoods in Queens. The recent success of local projects such as The Grand at Sky View bodes well for future development, as demand for new residential space continues to outpace supply,” said Stephen R. Preuss of Cushman & Wakefield, who with Stephen P. Palmese represented the seller, 141-57 Northern Boulevard, Inc., in the transaction.

The site was purchased by NY EZ Property Holdings, LLC.

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