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O-Zone Sale is Queens’ Largest This Year
Cushman & Wakefield arranged the sale of 133-25 37th Ave., a nearly one-acre prime development site in Downtown Flushing. The site sold for $58,500,000, the largest Opportunity Zone development site sold in Queens this year.
The firm’s Stephen R. Preuss represented the seller, Yihai Group, in the transaction. Yihai had proposed a nearly 205,000-square-foot mixed-use development site with residential, retail, hotel and community facility space.
“This site is one of the last large land parcels in Downtown Flushing,” said Preuss. “It’s no surprise this site sold at a premium, considering Flushing’s booming development scene coupled with the fact the site is located in a Qualified Opportunity Zone.”
133-25 37th Ave. is an existing commercial building of approximately 51,617 square feet. Current zoning allows more than 200,000 buildable square feet. It’s directly across the street from F&T Group’s mixed-use Two Fulton Square project.
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