37-10 114th St. The conversion site at 37-10 114th St. offers 226,800 buildable square feet and includes an eight-story building,

NEW YORK CITY—In one of the largest redevelopment site sales that the Corona section of Queens has seen thus far, a conversion site at 37-10 114th St., located between 37th and 38th Avenues, has been sold. The property was purchased by Corona Operating Co. for more than $37 million—or $165 per buildable square foot—from Meadows Corona.

Cushman & Wakefield’s Stephen Preuss exclusively handled the transaction on behalf of the seller. The buyer represented itself in-house.

“This sale is a significant happening for Corona and a testament to the area’s transformation,” says Preuss, executive director. “We are seeing an overflow of demand from the Flushing mega-developments into the surrounding areas such as Corona and East Elmhurst.”

The conversion site offers 226,800 buildable square feet and sits within a 250 foot by 250 foot irregularly shaped lot. The lot currently houses an eight-story building with a square footage of approximately 95,040 above ground with an additional build-out and useable cellar space of 11,880 square feet.

The building previously operated as a hotel with approximately 200 rooms, a pool, exercise facility, multiple event spaces, and parking for approximately 86 cars. The building was delivered vacant upon sale.

37-10 114th St. is in close proximity to Hinton Park and area attractions such as Citi Field and Flushing’s retail corridors. It is also just a half mile from LaGuardia Airport and can be accessed via the Grand Central Parkway, and the 7 train line at the 111th Street station.