Commercial real estate in Queens has been getting a lot of attention in media outlets recently. Over half a Billion dollars have been invested here in the last quarter alone. Below I will touch on a few of the most interesting large transactions by smart money investors in the Borough:
- The Durst Organization has just purchased a 90% stake in Lincoln Equities’ Hallets Point project in Astoria, Queens for $100,000,000. The 2.5 million square foot, waterfront project, will boast more than 2,400 rental housing units, a school, a retail center, a park and over 480 affordable housing units. This is the Durst Organizations first foray into Queens. The project is estimated to cost $1.5B to complete. The Durst family is currently pushing for Water Ferries to service Astoria Cove/Hallets Point to Manhattan. If approved, the new ferries would be a much needed major public transportation hub for that area.
- Alma Realty purchased a 4-parcel lot with 4.8 Acres on 26th Avenue and 9th Street in Astoria, Queens in the newly approved rezoned Astoria Cove area (the plan calls for 1,723 housing units). The seller was Superior Steel Studs, Inc. The purchase price was $40.08M.
- A & E Real Estate Holdings just purchased a portfolio of 53 Buildings consisting of 1,270 housing units in the Kew Garden Hills section of Queens, NY for $216,000,000 from Hudson Realty Capital. The portfolio also boasts hundreds of thousands of square feet of additional ground up development rights.
- Hospitality firm, King’s USA Group just purchased the 87,638 SF retail building on 39th Avenue near College Point Blvd in Flushing Queens for $54.6M. The supermarket site is zoned C4-2 with over 473,000 Buildable square feet for a ground up development project in the future.
- 144-10 35th Avenue, The Hampton Inn, just closed for $41.4M. The property is a 216 room hotel servicing JFK Airport. The hotel consisted of 114,800 Gross Square Feet. The purchaser was Magna Hospitality Group.
- 28-56 Steinway Street just sold for a second time in 7 years for $32M (it last sold for $22.5M). The three-tenant retail building is situated on the corner of 30th Avenue and Steinway Street. The purchaser was Queens based Werber Management. The seller was Orin Wilf of Skyline developers.
- 42-72 80th Street in Elmhurst, a 103-unit, 6-story, elevator apartment building with parking, built in 1927 just sold for $21M. The seller was Efiso Realty and the purchaser was Werber Management of Elmhurst, Queens.
- 157-11 Sanford Avenue in the Murray Hill/Flushing section of Queens just closed for $17M. The property is a 71,150SF, 6-story, elevator apartment building consisting of 86 residential units. The buyer was Chios Realty Group out of Bayside, Queens and the seller was Sanford Apts, LLC.
- 28-20 Borden Avenue in Long Island City sold for $28.5M. The NNN leased site is currently an 85,000 square foot parking lot leased to FedEx until 2027. The buyer was GTJ Reit, Inc out of West Hempstead, NY.
- A mixed-use development site with a combined 2 acre footprint and approximately 720,000 square foot of ground up development rights just sold for $22M. The sellers were Wharton Realty Group out of New Jersey and the buyer was Mr. Xu with Jamaica Tower, LLC of Flushing.
- A 6,584 square foot retail condo on Metropolitan Avenue in Kew Gardens, fully leased to TD Bank on a NNN basis with 10+ years remaining on the lease, just traded for $10.2M, or $1,549/SF. The seller was Park Lane Commerce, LLC out of Glen Head, NY and the purchasers were Golden & Equity Management based in Manhattan.
Some of the reasons that values are higher and more money is finding its way into Queens are due to low interest rates, higher retail and residential rents and the fact that Manhattan and Brooklyn are perceived by a vast majority of investors as “too expensive”.
As long as interest rates remain low and condo prices keep rising, sales volume and value in Queens will continue to climb sharply.