Bayside Parcel Trades to Storage Deluxe
A 44,981-buildable-square-foot lot with an existing 8,000-square-foot building at 215-01/11 42nd Ave. in Bayside, Queens has traded to Storage Deluxe. The final closing price was $9.7 million, equating to approximately $216 per buildable square foot.
Cushman & Wakefield’s Stephen Preuss, Denise Prevete and Kevin Louie led the marketing efforts on behalf of the seller, Queensborough Lumber Company.
“The buyer acquired a property with great potential and ideal zoning for their intended future use of a storage facility” said Preuss. “215-01/11 42nd is a textbook covered-land play, which carries short term income with a tenant in-place with the ultimate goal of redeveloping the property once vacant in a few years.”
The 44,981-square-foot property is currently occupied on a net-leased basis by a single tenant. Thanks to a significant amount of development rights, it can accommodate up to 107,953 buildable square feet for commercial development.
For comments, questions or concerns, please contact Paul Bubny