The .85 acre, as-of-right development site was sold to a private investor, CW Northern LLC, and consists of two lots totaling 36,889 s/f.
The site contains an 11,853 s/f building currently housing a Flushing Bank branch, second story office space, and accompanying parking.
At $36 million, or over $400 psf, the sale of the development site is one of the highest per square foot on record paid thus far in 2016 for an asset in Queens.
According to Klapper, who along with his colleagues represented Flushing Bank in the sale, "The Bank building is in an area that is ripe for new development.
urn contrast to reports that development sales are down due to the expiration of the city's 421-A tax abatement program, we had a tremendous response to this offering with over a dozen competing bids.
urn the end we were able to garner a record-breaking sale price for this ideally located Flushing property, which boasts a 2.43 FAR, allowing for the construction of 89,640 s/f."
The site provides the new ownership an opportunity to construct a luxury condominium building.
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