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Reuse Potential Drives Sale of Former Hotel in Flushing
Cushman & Wakefield arranged the sale of 33-53 Farrington St., a 9,887-square-foot former hotel in the Flushing neighborhood of Queens. The final closing price was $6,550,000, or $662-per-square-foot.
The Cushman & Wakefield team of Stephen R. Preuss and Kevin Louie led the marketing efforts on behalf of the seller, East River Realty Corp., to the buyer, 33-53 Farrington LLC.
“This versatile property could easily be transformed for use other than a hotel,” said Preuss. “33-53 Farrington Street could efficiently be repurposed as an assisted-living center or other community facility, just to name a few.”
Originally built in 2005, 33-53 Farrington is a four-story commercial building comprised of 26 keys, with the potential for 30 additional keys and common areas under current zoning. The building, which was formerly the Farrington Hotel, sits on a 6,250-square-foot lot. It can accommodate at least seven parking spaces in the front.
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- ◦Development
- ◦Sale/Acquisition
