Tag Archives: Cushman & Wakefield

Trio of sites in Briarwood and Oakland Gardens trade hands for $23.7 million


| lguerre@queenscourier.com

Photos courtesy of Cushman & Wakefield

The owner of three commercial sites scattered in Oakland Gardens and Briarwood sold the properties for more than $23.7 million, according to real estate firm Cushman & Wakefield, which handled the transaction.

The deal involves the cluster of properties at 221-02 through 221-50 Horace Harding Expressway, 137-67 to 137-79 Queens Blvd., 138-09 84th Dr., and 138-07 to 138-11 Queens Blvd., which the real estate firm refers to collectively as “The Vanguard Retail Portfolio.”

Together there are 28 units throughout the entire sale with a combined 44,858 square feet of space.

Of the properties, the largest cluster on Horace Harding Expressway in Oakland Gardens has about 33,698 square feet and 18 retail units with some space for parking.

It has up to 53,159 square feet of buildable space, according to the real estate firm. This one cluster was sold for nearly $17 million.

The properties were purchased by a local investor above the asking price, which was $23.1 million in September, according to Cushman & Wakefield.

“We received an abundant amount of interest contributed to by the continued lack of quality assets for sale along with the desirability for larger retail product,” said Stephen Preuss of Cushman, who handled the deal with Brian Sarath and Thomas Donovan.

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Russian café chain Stolle opening first US location in Long Island City


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre 

Russian café chain Stolle, which has more than 49 locations in Russia and Europe, is opening its first American shop in Long Island City.

The bakery signed a 10-year lease to set up in a 2,175-square-foot space in the Falchi building, where there are already a number of eateries, including Doughnut Plant and Juice Press.

Much like other tenants in the Falchi building, a converted warehouse at 31-00 47th Ave., Stolle will be divided into a production side and a café.

Stolle was established in Russia in 2002 and is known for its sweet and savory pies. As one of the most diverse counties in the United States, Queens has a variety of foreign eateries and was an attractive choice for the retailer, among other future locations in and around the city.

“We are particularly excited to launch our brand in New York City, where there is a true melting pot and a genuine interest in experiencing other cultures and foods,” said Irina Belska, co-owner of the Bakery Group LLC, the company bringing the Stolle brand to America.

Aaron Fishbein of Winick Realty Group represented Stolle in the transaction, and Dave Tricarico of Cushman & Wakefield represented Jamestown LP, the owner of the Falchi building.

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LIC industrial facility with big development potential on sale


| lguerre@queenscourier.com

Photo courtesy of Cushman & Wakefield 

A large, under-utilized industrial property in Long Island City that can legally be used for buildings seven times larger than what is currently on the site is being listed for sale, according to global real estate firm Cushman & Wakefield.

The property includes several buildings that have a total of 26,113 square feet of space. But the site can legally accommodate buildings with as much as 200,500 square feet of space, according to the real estate company.

The facility is located at 50-09 27th St., close to major highways such as the Long Island Expressway and Midtown Tunnel, as well as the Pulaski Bridge, meaning it could be attractive for distribution companies looking for easy access to Manhattan and Brooklyn.

“This area is quickly emerging and its close proximity to several mega projects as well as transportation options makes this an extremely appealing site for both users and investors,” said David Chkheidze of Cushman & Wakefield, who is marketing the property with Conrad Martin.

The property was sold by Harsco Corporation to a group of companies for $9.5 million in 2008, according to city records.

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Commercial real estate: 2015 market forecast


| spreuss@queenscourier.com

THE COURIER/Photo by Liam La Guerre

2015 is expected by many to be the best year since 2007. According to a Cushman & Wakefield research report, the U.S. economy is projected to grow in the 3.0 to 3.5 percent range (which is a conservative number), giving credit to the decline in oil prices. The decline in oil prices will help to “stimulate stronger consumer spending, cut costs in manufacturing and transportation and lower the trade deficit.”

Although it has been stated several times over the past couple years, interest rates are still expected to rise within the next year. According to the federal government in a statement released after the Federal Open Market Committee meeting in December of 2014, the central bank will begin to raise interest rates in the first half of 2015. The rise of interest rates will continue as the market is tested to see how much the economy can handle. As a rule of thumb, as the economy grows stronger, interest rates will push higher.

Aside from a growing U.S. economy we are also seeing a decline in unemployment, a rise in spending, and although rising, fairly low interest rates, which makes a great recipe for a strong real estate market. We can anticipate demand increasing both in purchasing and an increase in rents in all property sectors including office, industrial, retail, multifamily and hospitality.

Recent studies show business investment in the last 12 months has significantly increased, and business spending is expected to increase, boosting the economy and creating more jobs. In just December of 2014 the U.S. economy added 252,000 jobs. Over the last three months of 2014 a total of 866,000 jobs were added. The creation of more jobs can lead to an increase in demand for office space and also further demonstrates the increase in business investment and spending, creating a better environment for commercial real estate.

The sum of the U.S. economic growth is expected to pave the way for a flourishing real estate market in 2015.

Stephen Preuss is a Vice President at Cushman & Wakefield who focuses on the Queens market. 

Stephen-Preuss

Stephen Preuss

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Astoria waterfront warehouse listed for $18M, could become residential building


| lguerre@queenscourier.com

Photo courtesy of Cushman & Wakefield 

Another Astoria waterfront industrial site recently hit the market and could be sold to an investor looking to develop the property into a residential, mixed-use structure, which has become a trend in the area.

The owner of the vacant, one-story warehouse located at 30-05 Vernon Blvd. bought the property last year for $3 million, according to city records, and was hoping to transform it into a mixed-use condo, office and ground-floor retail building. Construction permits were never filed with the Buildings Department, but renderings were created for the potential seven-story structure.

3005 Vernon Boulevard Joint Venture, which is listed as the owner, pulled the plug on its own project and is now selling the development site for more than six times what it sold for last year.

The asking price is $18.24 million, according to Cushman & Wakefield, which is marketing the site. The site has up to 96,000 buildable square feet for a mixed-use development, and its price breaks down to about $190 per square foot, which isn’t topping premium levels for sites in the neighborhood.

The property has only been on the market for about a week, but more than 50 investors have called to learn more about it, according to Stephen Preuss of Cushman & Wakefield.

Preuss and David Chkheidze are the agents marketing the site. 

Photo courtesy of Scott Bintner/PropertyShark

Photo courtesy of Scott Bintner/PropertyShark

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Developing Queens: How the Massey Knakal sale will affect the borough


| lguerre@queenscourier.com

Photos courtesy of PropertyShark/Scott Bintner and Stephen Preuss

New York City-based Massey Knakal Realty Services was sold to international real estate firm Cushman & Wakefield on Dec. 31 for $100 million. Stephen Preuss, a former vice president at Massey Knakal in Queens, talked with real estate editor Liam La Guerre about how the sale to the international firm will impact the Queens division and its clients.

La Guerre: Congratulations on now being with a larger firm. Will there be any changes to the Queens division now that Massey is with Cushman & Wakefield?

Preuss: We have a very successful strategy with a territory system, and we have seasoned agents here that have a high market share and are very successful at doing what we have been doing, which is selling properties in Queens. Nothing is going to change here; it’s just going to improve with the CW name and resources.

La Guerre: Massey Knakal was on some large sales in Queens for the year. Some highlights include a garage and commercial strip in Jamaica for $22 million, the 1,270-unit apartment complex in Kew Gardens for $216 million and the Astoria commercial building for $32 million. Any idea of how much in sales Massey did in Queens in 2014?

Preuss: We’re still tallying up, because we did do a lot of transactions toward the end of the year. For Massey Knakal as a whole, we are going to be right around the $5 billion mark. In Queens, again we are still counting, but it will be in the several hundred million dollar range.

La Guerre: How does this sale help your clients now that you are with a bigger firm?

Preuss: [Cushman & Wakefield is] a full-service, global commercial firm that does all types of real estate advisory services. Now we can deliver a higher level of service and get better results for our clients and our buyer pool, which was mostly Tri-State investors, is going to increase now that we have offices all over the world.

La Guerre: That exposure to the international network will be helpful to your Queens clients since the borough’s real estate market is exploding.

Preuss: I agree. I think it’ll not only help the mid-level pricing assets that we work with, but it’ll also help us achieve, attain and excel at some of the higher-price assets that we really didn’t handle before. All across the board this is a very positive move for people at Massey Knakal and the Cushman Wakefield brand.

La Guerre: Queens is still an emerging market when compared to the city, and there are some areas that people just don’t know about. Did Cushman see value in Queens when it was acquiring Massey?

Preuss: Yes, actually. Cushman & Wakefield executives made it very clear that the boroughs are going to be a big focus and is a big reason why they acquired Massey Knakal, and Queens in particular is going to be big for them. They are going to put a lot of resources behind us to really continue on with Queens as an emerging market.

La Guerre: How does 2015 look for real estate in Queens?

Preuss: Queens will continue to be an area where not only Queens-based investors look, but Brooklyn and Manhattan investors are going to continue to trend toward Queens because of the value here. I believe 2015 will even surpass 2014.

Stephen Preuss

Stephen Preuss

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Queens’ Morning Roundup


| ctumola@queenscourier.com

TODAY’S FORECAST

Wednesday: Clear. High of 82. Winds from the West at 10 to 15 mph shifting to the NNW in the afternoon.Wednesday night: Partly cloudy in the evening, then clear. Low of 64. Winds from the NW at 5 to 10 mph

EVENT of the DAY: Michael Jackson Birthday Bash 

“Do you Remember the Time” when you first saw the King of Pop’s slick moves literally glide across the dance floor? Do you remember singing the lyrics to “Billie Jean” at the top of your lungs? Or maybe, you laid in bed at night visualizing all the moves in the “Thriller” video. Either way, the music lives. On August 29, it is officially Michael Jackson Day at Resorts World Casino New York City. With MJX, the premier MJ Impersonator, and DJ Spinna on the ones and twos, it will be a night to remember.Click here for more info or to submit an event of your own

Dumping stops in Queens neighborhood

The work to restore this stretch of land along the Van Wyck Expressway is finally underway. It’s a welcoming sight for residents near 116th Avenue who remember what the area used to look like. Read more: NY1

Chain ladder breaks as kin flee fire

A Queens family desperately trying to escape a raging fire tearing through their home tried to use a chain-link ladder to escape — but it suddenly broke, forcing the five people to jump two stories Read more: New York Post 

Suspect charged with killing homeless man in Woodside

Police have arrested and charged Ramiro Martinez with the stabbing death of Enrique Morales Martinez on a street corner in Woodside, Queens on Sunday afternoon. Read more: NY1

CUNY considers constructing a Queens hotel

The City University of New York has retained Cushman & Wakefield Inc. to help the school determine if it should proceed with a plan to build a hotel in Long Island City, Queens, in order to expand its hospitality program. Read more: Crain’s New York

Isaac makes second landfall, levee overtopped in Plaquemines Parish

The center of Hurricane Isaac made a second landfall over Port Fourchon, La., early Wednesday, overtopping a levee southeast of New Orleans, knocking down trees and cutting power to more than 400,000 homes. Read more: ABC News

Republican convention is in full-throated roar

The Republican National Convention is finally in full-throated roar, cheering presidential nominee Mitt Romney’s name at every turn in a long-sought show of unity and mocking the man he is out to defeat in November. Read more: AP

Venus Williams an easy winner in return to the U.S. Open, beats fellow American Bethanie Mattek-Sands, 6-3, 6-1

Bethanie Mattek-Sands, the American wearing a black cap over blue hair, blitzed compatriot Venus Williams early in their first-round match Tuesday, taking the first two games of the opening set. Read more: New York Daily News