NEW YORK CITY—A transaction that Colliers International's RobertFreedman calls "a game-changer for Flushing" put a Manhattan sizeddeal in the middle of Queens. Crown Acquisitions and the BeniderCo. have signed a 99-year ground lease for a four-story retailbuilding fully occupied by Macy's. The ground lease's aggregatevalue is likely to exceed $1 billion over the term of the lease,which marks the largest real estate deal in the neighborhood'shistory.

Co-chairman of the tri-state region for Colliers, Freedman andhis colleague Steve Chasanoff arranged the 250,000-square-foot dealat 136-62 Roosevelt Ave. on behalf of Benider. Noting that theproperty is located near the eastern terminus of the number 7subway line, which now runs to Hudson Yards on Mnahattan's WestSide, Freedman says, "We no longer characterize Flushing as anemerging market. It has arrived."

Due to the market fundamentals and the scale of the project, "wewere able to generate tremendous interest from institutionalinvestors and nimble, entrepreneurial players inthis redevelopment project," says Chasanoff, executivemanaging director with Colliers. "This property has incredible,long-term potential as a retail destination or for mixed-useredevelopment." Macy's, whose current lease at the property expiressoon, reportedly has no plans to leave, although Crown's IsaacChera told the Wall Street Journal that "we believe atsome point in the near future the rents will be greater than whatMacy's is paying."