REBusinessOnline

Cushman & Wakefield Arranges $8.2M Sale of Development Site in Queens

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 11-35 31st Drive in the Astoria neighborhood of Queens. Blue Mountain Capital purchased the site from Kenneth Trading Corp. for $8.2 million, or $241 per buildable square foot. The property allows for a maximum of 33,982 buildable square feet for residential development. A 10,000-square-foot warehouse building, which is net leased through March 2019, is currently on the site. Stephen Preuss and Andreas Efthysmiou of Cushman & Wakefield represented the seller in the deal.

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