Tag Archives: CBRE

Newly constructed Whitestone office building starts search for tenants


| lguerre@queenscourier.com

Photo courtesy of CBRE

The marketing campaign for leasing in the Whitestone Expressway’s new office building is about to kick off, and real estate firm CBRE was named the quarterback to market the property.

The glassy, newly constructed 16-16 Whitestone Expwy. building boasts about 60,000 square feet for office space, half of which will be occupied by the owner, the International Union of Operating Engineers Local 30 Pension Trust Fund. It is expected to be completed by summer and the asking price is $50 per square foot.

CBRE will be looking to fill the other 30,000 square feet of space in the six-story building.

The new structure features on-site parking, various utilities and is LEED Gold certified, which is the second highest level of green-friendly rating by the U.S. Green Building Council.

The building offers numerous green measures, including solar power. Future tenants can expect about 40 percent energy savings, according to CBRE.

“This state-of-the-art, energy-efficient office property stands alone in the market and serves as a model for new building development in the area,” CBRE’s Roy Chipkin said. “In addition to being the only new construction ‘green’ building in Queens, this exceptional, highly visible property offers convenient access to a number of major roadways.”

CBRE was also the firm that handled marketing for the sale of the property in 2011, which was sold by Skanska USA Civil Northeast for about $12.5 million. Skanska’s old building was partially demolished after the sale.

Photo courtesy of Scott Bintner/PropertyShark

16-16 Whitestone Expwy. when Skanska owned it. (Photo courtesy of Scott Bintner/PropertyShark)

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Developing Queens: A wave of new retail coming


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre 

CBRE is a global real estate services company, which has offices in Queens and Long Island that service the borough. The firm focuses on commercial real estate. CBRE First Vice President Dean Rosenzweig and Associate Jeremy Scholder talked with Real Estate Editor Liam La Guerre about the changing landscape of the Queens retail market.

La Guerre: Queens has been having a big residential boom in certain markets over the past couple of years. Have you seen a pickup in retail with this boom?

Rosenzweig: The smaller businesses, the moms and pops, when we have a listing or when we are on the search for a client for a site—the smaller guys have definitely been seeking out those areas, like Long Island City. The nationals are starting to poke around. We are doing tours with our national clients in Long Island City, for example, but the nationals aren’t there yet. They’re coming and that will take retail in those areas to the next level.

La Guerre: So if you wanted to go shopping to big-box retailers you wouldn’t be able to in LIC yet, but very soon.

Rosenzweig: Or even smaller footprint national retailers, like you don’t see Starbucks there yet. Are they coming? Yeah. Are they looking around? Absolutely. Will they be there? Probably in a year or a year and a half from now. You don’t even see the national banks on Vernon [Boulevard] right? That’s all coming. The first stage was the developers taking advantage of the rezoning and building the huge amount of residential that’s already built and the huge amount of residential that are in the works. Those units are going to fill up, and people that they are going to bring are going to need services.

Scholder: They are still waiting for the area to hit critical mass. They are waiting for all these new buildings to come to fruition at the same time so they can really feel the impact.

Rosenzweig: You learn over time that retailers have a herd mentality. When one national retailer comes in and then a second one — it doesn’t even necessarily have to be all in the same category— but when a couple of nationals come in, that’s when the rest will take the plunge. And it hasn’t hit that point yet.

La Guerre: So you’re saying eventually the nationals will be popping up all over and together?

Rosenzweig: They are going to realize what the residential developers and the residents that have moved into their projects have — great proximity to Manhattan, incredible mass transit, and the people that are coming in have a lot of disposable income.

La Guerre: Is Queens a destination for trendy stores now, like Manhattan or Brooklyn?

Scholder: Obviously, there is a growing young demographic in some neighborhoods. That’s absolutely the case in Long Island City. Astoria has been another growing market. There is this tremendous basis of nightlife, restaurant scene, arts in Astoria, and some of these trendier places are starting to move in as well.

La Guerre: What are some areas that you expect retail to transform that haven’t been talked about as much? Where are your sleeper neighborhoods?

Rosenzweig: Archer Avenue in Jamaica. You’re going to see some opportunities get created for larger big-box retailers, so it’s not going to just be Sutphin [Boulevard] as it has been or Jamaica Avenue. I think Archer is going to evolve as well. Another area is Myrtle Avenue in Ridgewood. The infrastructure has always been there — mass transit, buses, surrounding residential — but I think you are going to see as leases come up and expire a lot of the current tenants may not be quite right for the area anymore. I think it’s going to come on pretty strong, pretty soon.

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LIC Standard Motor building sale could fetch more than $100M: report


| ctumola@queenscourier.com

The sale of a 315,000-square-foot Long Island City building could bring in a hefty profit as the neighborhood becomes more appealing to commercial tenants, according to a published report.

Acumen Capital is selling the Standard Motor Products property, at 37-18 Northern Blvd., six years after it purchased the building for around $40 million, Crain’s New York reported. Sources tell Crain’s it could fetch more than $100 million.

The real estate investment company acquired the building from Standard Motor Parts, a manufacturer of replacement parts for motor vehicles, in March 2008, according to Acumen’s website.

CBRE, which is is handling the sale, told Crain’s steady rent from the building’s existing tenants combined with potential new renters in Long Island City’s “rising leasing market,” would be a financial benefit for the future owner.

Current occupants include The Jim Henson Company and the Brooklyn Grange, a 43,000-square-foot rooftop organic farm, according to Acumen.

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