{"id":1004394536,"date":"2020-02-25T07:40:28","date_gmt":"2020-02-25T15:40:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004394536"},"modified":"2020-02-25T09:59:36","modified_gmt":"2020-02-25T17:59:36","slug":"queens-opportunity-zone-site-sells-for-59m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/queens-opportunity-zone-site-sells-for-59m\/","title":{"rendered":"Queens Opportunity Zone Site Sells for $59M"},"content":{"rendered":"
\"\"<\/a>

Commercial building at 133-25 37th Ave. Image via Google Street View<\/i><\/p><\/div>\n

China\u2019s Yihai Group has sold a large development site in Queens, N.Y., for $58.5 million, or more than $290 per buildable square foot, amid a boom in commercial and residential development in the Flushing neighborhood. Cushman & Wakefield, whose Stephen Preuss represented the seller, announced the transaction without disclosing the buyer.<\/p>\n

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READ ALSO:<\/strong> C&W Arranges $14M Retail Sale in Queens<\/a><\/p>\n

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The nearly 1-acre parcel at 133-25 37th<\/sup> Ave. is believed to have sold to local developer Gary Tsan, as first reported by The Real Deal<\/em>. Located within a federal Opportunity Zone, the site is home to an existing commercial building of about 51,617 square feet. The property\u2019s C4-2 zoning (R6 equivalent) allows for more than 200,000 square feet of buildable space.<\/p>\n

Beijing-based developer Yihai picked up the site for $28 million in 2013, according to property records. The company filed plans in 2018 to build a 19-story, mixed-use development of nearly 205,000 square feet that would include 146 residential units and 360 hotel guestrooms, along with retail and community space.<\/p>\n

Flushing rises<\/h2>\n
\"\"<\/a>

Rendering of Yihai Group’s proposed project at 133-25 37th Ave. Image courtesy of Cushman & Wakefield<\/i><\/p><\/div>\n

The property in downtown Flushing is located within a vibrant office and retail market, in a residential neighborhood centered around the Flushing-Main Street No. 7 subway terminal, nearby the Long Island Rail Road\u2019s Port Washington Branch and LaGuardia Airport.<\/p>\n

The parcel sits across the street from the new Tangram project<\/a>, formerly Two Fulton Square, a 1.2 million-square-foot mixed-use development by F&T Group and SCG America. The first condo tower of the two-phase, four-tower complex opened in 2019. Other major projects nearby include One Fulton Square, Flushing Commons and Willets Point.<\/p>\n

The surrounding area within a 1-mile radius of the site has a population of nearly 100,000, with a median household income of less than $38,000, data from Yardi Matrix shows. The population is more than 70 percent Asian.<\/p>\n","protected":false},"excerpt":{"rendered":"

China’s Yihai Group sold the parcel, which has a buildable area of more than 200,000 square feet.<\/p>\n","protected":false},"author":744,"featured_media":1004394566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21752,1600,21742,10],"tags":[32799,35773],"class_list":["post-1004394536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-mixed-use","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-stephen-preuss"],"acf":[],"yoast_head":"\nQueens Opportunity Zone Site Sells for $59M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/queens-opportunity-zone-site-sells-for-59m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Queens Opportunity Zone Site Sells for $59M\" \/>\n<meta property=\"og:description\" content=\"China's Yihai Group sold the parcel, which has a buildable area of more than 200,000 square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/queens-opportunity-zone-site-sells-for-59m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-25T15:40:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-25T17:59:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Flushing-133-37th-Ave_featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/queens-opportunity-zone-site-sells-for-59m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/queens-opportunity-zone-site-sells-for-59m\/\",\"name\":\"Queens Opportunity Zone Site Sells for $59M - 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