Real estate firm Cushman & Wakefield announced that they have arranged the sale of 43-10/24 Queens Boulevard for $9.9 million.
The 8,521-square-foot, single-story retail building in Sunnyside runs on Queens Boulevard from 43rd to 44th streets, just blocks from the 46th Street stop on the 7 line.
The property features 95 feet of retail frontage, and is currently comprised of eight retail tenants, including a pharmacy, Peruvian restaurant, Nepalese and Indian restaurant, a bagel shop and a hardware store.
According to Cushman & Wakefield, the majority of the stores have short-term leases and/or demolition clauses. The property could offer 43,700 square feet of “prime mixed-use development,” the firm says.
“The buyer acquired an exceptional opportunity to benefit from existing cash flow along with the potential for future redevelopment,” says Tom Donovan of Cushman & Wakefield. “They recognized that Sunnyside is a great investment as the success of Long Island City has been spilling over into the neighborhood.”
So what does this mean for the future of retail in Sunnyside? Is the neighborhood set for development the way LIC has been built up?
Let us know your thoughts in the comments below.