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NEW YORK CITY—A transaction that Colliers International’s Robert Freedman calls “a game-changer for Flushing” put a Manhattan sized deal in the middle of Queens. Crown Acquisitions and the Benider Co. have signed a 99-year ground lease for a four-story retail building fully occupied by Macy’s. The ground lease’s aggregate value is likely to exceed $1 billion over the term of the lease, which marks the largest real estate deal in the neighborhood’s history.

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