One month was all one real estate broker needed to sell a Rego Park commercial building described as prime for development.
Cushman & Wakefield announced it sold 97-19/29 64th Rd., a 14,000-square-foot site off 98th Street and 64th Road, for $11.5 million in an all-cash transaction. The location currently has a two-story retail/office building that’s ripe for development, according to the agency.
“Within 30 days, we were able to generate a tremendous amount of interest and create a competitive bidding environment for our client,” said Thomas A. Donovan of Cushman & Wakefield. “A contract was negotiated and signed in one week, and a closing took place three months later at $11.5 million, which equates to approximately $554 per square foot on the existing building and $171 per buildable square foot.”
A spokesperson for Cushman & Wakefield indicated the plans for the site remain unknown, but the location’s zoning could allow for significant expansion. The site has 140 feet of frontage on 64th Road and another 100 feet of frontage on 98th Street and is located within a C4-2 commercial district.
The zoning code allows the new owners to build up to 47,600 square feet on the site, more than twice the size of the existing 20,771-square-foot building at the location. The new owners could add another 18,400 additional square feet of as-of-right development should community space be provided within the building space.
The location is two blocks away from the 63rd Drive subway station and within walking distance of the Rego Center mall, the Long Island Expressway and the Grand Central Parkway.