{"id":1004134973,"date":"2016-01-18T08:48:53","date_gmt":"2016-01-18T16:48:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134973"},"modified":"2020-05-12T23:38:55","modified_gmt":"2020-05-13T07:38:55","slug":"historic-lease-signed-in-flushing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/historic-lease-signed-in-flushing\/","title":{"rendered":"King-Size Lease for Queens"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004134976\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/flushing-macys.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004134976\" data-attachment-id=\"1004134976\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/historic-lease-signed-in-flushing\/flushing-macys\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/flushing-macys.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"flushing macys\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Mayc&#8217;s store in Flushing, N.Y.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/flushing-macys.jpg?w=1000\" class=\"size-medium wp-image-1004134976\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/flushing-macys.jpg\" alt=\"Mayc's store in Flushing, N.Y.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/flushing-macys.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/flushing-macys.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/flushing-macys.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004134976\" class=\"wp-caption-text\">Mayc&#8217;s store in Flushing, N.Y.<\/p><\/div>\n<p><a href=\"https:\/\/www.cacq.com\/\" rel=\"nofollow\" target=\"_blank\">Crown Acquisitions<\/a> has signed a 99-year ground lease at 136-62 Roosevelt Ave. in Flushing, N.Y., with The Benider Co., the largest real estate transaction in the history of the Queens neighborhood. <a href=\"https:\/\/www.colliers.com\/en-us\" rel=\"nofollow\" target=\"_blank\">Colliers International<\/a> arranged the lease of the 250,000-square-foot property, which is currently fully occupied by Macy\u2019s. Over the course of the 99 years, the aggregate value of the ground lease will likely exceed $1 billion.<\/p>\n<p>\u201cThis transaction is a game-changer for Flushing,\u201d said Robert Freedman, Colliers International\u2019s co-chairman, Tri-state. \u201cWe no longer characterize Flushing as an emerging market. It has arrived.\u201d<\/p>\n<p>Over the course of the 99-year lease agreement, the aggregate value of the ground lease is expected to exceed $1 billion.<\/p>\n<p>\u201cWe believe at some point in the near future the rents will be greater than what Macy\u2019s is paying,\u201d Isaac Chera, a Crown principal, told the Wall Street Journal. \u201cThe property is located on the 50-yard line in a booming Flushing marketplace.\u201d<\/p>\n<p>The property is situated at the terminus for the 7 train transportation hub, which also connects to the Hudson Yards as its Manhattan terminus, creating one of the most dynamic, multi-borough corridors in New York City.<\/p>\n<p>\u201cBecause of the market fundamentals and the scale of the project, we were able to generate tremendous interest from institutional investors and nimble, entrepreneurial players in this redevelopment project,\u201d Steve Chasanoff, Colliers International\u2019s executive managing director, said in the release. \u201cThis property has incredible, long-term potential as a retail destination or for mixed-use redevelopment.\u201d<\/p>\n<p>Flushing has seen a boom in development as of late. Several mixed-use developments are in the works, which will result in hundreds of rental apartments, condos and retail space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colliers International closed a historic 99-year ground lease at 136-62 Roosevelt Ave. in Flushing, N.Y., the largest real estate transaction ever in the Queens neighborhood.<\/p>\n","protected":false},"author":451,"featured_media":1004134978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,1600,21742,10,21749],"tags":[],"class_list":["post-1004134973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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