NY EZ Property Holdings has paid $23 million purchase for a corner development site in Flushing, Queens. Located at 141-57 Northern Boulevard, the 22,663 square foot lot is zoned for up up to 67,989 buildable sqf for mixed-use development. The property currently features 270+ square feet of frontage with a 14,200 square foot building occupied by a commercial tenant and by Bank of America, which has a 4,100 sqf lease through March 31, 2020 with no options. Cushman & Wakefield’s Senior Managing Director Stephen R. Preuss and Vice Chairman Stephen P. Palmese represented the seller.
“With an extremely diverse community and an ideal location along the 7 train and LIRR, Flushing has emerged as one of the fastest growing neighborhoods in Queens,” said Stephen R. Preuss of Cushman & Wakefield. “The recent success of local projects such as The Grand at Sky View bodes well for future development as demand for new residential space continues to outpace supply.”
