Cushman & Wakefield announced that the firm has arranged the sale of 84-02 Roosevelt Ave, an 8,730 square foot retail building with up to 35,000 buildable-square-feet in Jackson Heights, Queens. The final closing price is $7,000,000. The sale equated to $802 per square foot, and $200 per buildable square foot.
Cushman & Wakefield’s Senior Managing Director Stephen Preuss led the marketing efforts on behalf of the seller, LDG Associates, LLC. The property was purchased by Malachite Services, LLC.
“The property’s ideal location and development potential made it an exceptional opportunity for the buyer,” said Stephen Preuss of Cushman & Wakefield. “With its proximity to 82nd Street, the property is near one of the strongest retail corridors in Queens. Also, the investor benefits from the opportunity to take advantage of the newly revived 421-a program.”
The 421a tax exemption program was started in 1971 and encourages the development of underutilized or unused land by reducing property taxes for a set amount of time. The exemption gives unit owners a 100 percent exemption from any increases in their property taxes for the first two years and then taxes are increased by 20 percent of the normal tax rate every two years for the remaining eight years.
84-02 Roosevelt Avenue is a prime, block-through single story retail building totaling approximately 8,730 square feet. The building benefits from a lower level, and two frontages on Roosevelt Avenue and Gleane Street. Situated in a R6/C1-3 zoning district, the property allows for an as of right maximum mixed-use development potential of 35,000 square feet.
Located on the south side of Roosevelt Avenue between Baxter Avenue and Forley Street, the property is in a well-trafficked commercial corridor with international culinary hotspots and a thriving nightlight. Major retailers in the area include Citibank, GNC, Petland, and Planet Fitness. The property can be conveniently accessed via the 7, E, F, M and R subway lines.