The College Point and Whitestone areas saw a slight uptick from the 13 commercial property sales last year. The fact is demand is significant especially with industrial properties which are the most abundant property type in the College Point area. Many users who are getting priced out of areas like Long IslandCityand Williamsburghave fled eastward where more reasonable pricing still applies to warehouse properties.
I recently sold 112-20 14th Avenue which was a 35,000 SF industrial warehouse property which sold for $4,800,000 or $136 per SF to a business-owner who moved fromWestern Brooklyn because prices in that are didn’t make sense for a user. There were also a few retail and mixed-use properties that sold in the $200 – $300 per SF range. Land sales showed trades in the $50 – $100 per buildable SF category.
One assignment I am currently working on that may change the landscape for the Whitestone Waterfront is an 18 acre development site onSixth Road.
I have been exclusively retained for the disposition of this residential zoned land. It has 13 acres or 557,000 SF of upland area and is approved for 52 luxury homes in a gated homeowner’s association with many of the projected home sites with direct water frontage. Whitestone which is a very desirable middle to upper class residential enclave, especially the exclusive Malba area could welcome a ‘New Malba’ community over the next couple of years.
This is currently the largest residential development site in the borough and should have an immediate positive impact for the local community once the development finds a new owner and shovels hit the ground.