2018-05-23 / Front Page

Half-Block In Sunnyside Sold For $9.9M

By Liz Goff

The owner of eight parcels on Queens Boulevard in Sunnyside is in the process of selling the properties for a whopping $9.9 million, according to a spokesperson for real estate brokerage firm Cushman & Wakefield.

The brokerage firm has arranged for the sale of properties at 43-10/24 Queens Boulevard, which incorporated approximately one half-block on the south side of Queens Boulevard, between 43rd and 44th Streets, the spokesperson said.

Eight stores currently occupy parcels at the site, including a mobile phone store, several food service shops and a bagel shop.

Geoffrey Henderson, president of Manhattan-based Henderson Holding Corporation, acquired the property for $7.28 million in 2015. The brokerage firm has not released the name of the buyer or terms of the deal, which has yet to close.

Wakefield marketed the property for its development potential, brokerage vice president Tom Donovan said in a prepared statement.

Shops currently located at the site occupy 8,500-square-feet of space ideal for potential redevelopment, Donovan said. The property has the potential for development of a 43,700-square-foot mixed-use building at the site.

“The buyer acquired an exceptional opportunity to benefit from existing cash flow along with the potential for future development,” Donovan said. “They recognized that Sunnyside is a great investment as the success of Long Island City has been spilling over into the neighborhood.”

 

                                                                                                -Liz Goff

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