Cushman & Wakefield Arranges Sale of College Point Property in Queens
- Oct 17, 2016
By Ioana Moldovan
New York—Cushman & Wakefield recently closed a $16 million deal for 14-34 110th St., a 34-unit, mixed-use property located on the College Point waterfront in Northern Queens. Sam Chang of WV Marina Properties LLC is the buyer, while the seller, 110th Street Commons LLC, was represented by Cushman & Wakefield’s Stephen Preuss, executive director, along with Denise Prevete, senior associate, and Kevin Louie, associate.
The seven-story, 69,918-square-foot waterfront property offers studio, one- and two-bedroom luxury units featuring high-end finishes including granite countertops and stainless steel appliances. Building amenities include a gym, laundry rooms, a storage room, a roof deck and outdoor terraces. Additionally, 14-34 110th St. features two floors of commercial office space, 95 parking spaces and marina rights for up to 50 boat slips. The price per square foot was listed at $228.
“At approximately 70,000 square feet and a final asking price of $16 million, this closing represents the largest and highest property sale for the College Point marketplace over the past several years,” said Preuss in prepared remarks. “The waterfront was substantially improved by this property, especially with the 25,000 square feet of commercial space helping to fulfill the need for functional and accessible offices in the area. We’re looking forward to seeing how the waterfront will continue to transform,” he added. The new owner plans to sell the remaining residential units and use the riparian rights for a marina concept. Located on 110th Street, between 14th and 15th avenues, the property is situated at the intersection of the East River and Flushing Bay, across from LaGuardia Airport and Rikers Island.
Image courtesy of Cushman & Wakefield