Jackson Heights Retail Sale Sets Local Pricing Record
Marcus & Millichap has arranged the sale of 74-12 to 74-24 37th Ave., a 10,001-square-foot retail property in the Jackson Heights section of Queens. The asset sold for $16 million, or a new local record of $1,600 per square foot.
Dana Newton and Donovan Mackey of Marcus & Millichap’s Philadelphia office teamed with Manhattan-based retail specialist Scott Plasky to exclusively market the property, on behalf of seller Chui King Yee. “This transaction represents premium pricing accomplished through our marketing efforts and the firm’s national listing platform,” said Newton. “Nineteen offers were generated, creating a competitive landscape for this investment opportunity, and the ultimate buyer was forced to step up to a stronger offer.”
Located at the intersection of 37th Avenue and 75th Street, the property was fully occupied by longtime tenants at the time of sale.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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