133-25 37th Avenue.
NEW YORK CITY- Local Queensdeveloper Gary Tsan has acquired a 200,000-square-foot developmentsite situated in a qualified Opportunity Zone in the DowntownFlushing submarket for $58 million, or approximately $290 perbuildable square foot. The one-acre development is located at133-25 37th Ave., and is said to be one of the last large landparcels available in the submarket.
Although there are a number ofOpportunity Zone census tracts in the outer boroughs, mainly inQueens, it is rare to see a transaction for both the size and scaleof the development site in an Opportunity Zone, Stephen Preuss, of Cushman who represented theseller, tellsGlobeSt.com.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
