Tag Archives: Stephen Preuss

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 said he expects it to sell soon.

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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Whitestone waterfront for sale, development


| aaltman@queenscourier.com

Photos Courtesy of Massey Knakal Realty Services

House hunters searching for outer-borough bliss may soon find sanctuary on a scenic Whitestone cove, as 13 acres of waterfront property — the single largest building site in the borough — is now for sale.

The site, located at 151-45 6th Road, is currently overseen by real estate agent Stephen Preuss of Massey Knakal Realty Services. He is confident that sale price maximization will be possible over the next few months. Preuss alleges the property, which became available via short sale, has already been approved for the construction of 52 single-family homes by the City Planning Commission as well as the “proper community channels,” including Community Board 7.

“We shouldn’t have any problems picking up these plans and moving forward,” said Preuss.

According to Preuss, the land will most likely be purchased by a single developer rather than broken up into smaller plots, adding that the buyer may choose to build in phases as opposed to assembling the entire area at once.

Five of the 13 acres are submerged underwater, which, according to Preuss, the builder would most likely convert into a marina or boat slips.
“It’s one of the most desirable areas in the borough,” he said.

The average waterfront home in Whitestone sells for $2 million, according to Preuss.

State Senator Tony Avella supports the development so long as it adheres to the current plan of 52 single-family homes. Straying from this, Avella threatens, will meet “fierce opposition from the community and me.” As the land is currently an industrial site, Avella believes the addition of a well-thought-out housing complex will be an asset to the community, rather than a detriment.

“A lot of work was put into this plan which will match the character of the neighborhood and set a precedent for future development,” said Avella.