A section of Queens Boulevard near the Maspeth-Elmhurst border has recently become a hot spot for mixed-use development.
There are four new developments within three blocks of each other between 72nd Street and 69th Street. Three are almost finished and slated for mixed use. The fourth is the recent acquisition of the Entenmann’s bakery outlet at 70-50 Queens Blvd. by the Manhattan-based Chetrit Group. The development company has yet to announce what it will do with the property.
Matt Fotis, senior managing director with the Marcus and Milli-chap real estate investment firm in Manhattan, brokered the deal for $11.8 million. Fotis said that a private family had owned the building for decades and the property had only been on the market for a few months before Chetrit snatched it up.
He said that he has recently sold six properties near Queens Boulevard and eight within the past year.
“About half of those properties have been redeveloped,” he said.
Fotis said that he recently sold a property at Broadway and 74th in Woodside that will soon house a Walgreens chain store.
“This sale is symbolic of how the boundaries are being pushed outside of Long Island City, Astoria and even Sunnyside,” he said. “Investors view the border of Elmhurst and Woodside as a viable location to build new rental or condo product. The development market has definitely changed, but neighborhoods like these where developers predict growth in the next few years are being valued at less of a discount compared to more well-established neighborhoods. We received multiple offers from developers looking to build their first project in Queens.”
Another reason developers are interested in the area is the access to the 7 train, with the Long Island Rail Road’s Woodside stop just one mile away.
Next door to the outlet is a seven-story mixed-use building at 70-26 Queens Blvd., which is owned by 70-32 Queens Boulevard LLC and being constructed by Flushing’s Hua Yang Inc., according to the city’s Department of Buildings (DOB). The building is 66,627 square feet, 92 percent residential and 8 percent retail. It contains 69 residential units and two nonresidential units.
At 46-02 70th St., a little farther west on Queens Boulevard, is a nine-story mixed-use building. Plans for the site indicate that the building will have 74 apartment units, according to the DOB.
The building will have a 37-car underground garage, 74 apartments and a 394-square-foot retail space on the ground floor. The building’s residential component will take up 51,074 square feet, and each unit will average 690 square feet, according to The Real Deal. Xiaoke Tang’s JJ Queens Development LLC is the developer, while Angelo and Anthony Ng’s Architects’ Studio of Maspeth designed it.
Across the street, a seven-story mixed-use building is nearly completed at 70-09 45th St. Last year, Flushing’s Choi Yui Chan submitted an application to erect a 30-unit apartment building at the site. It will feature 24,299 square feet of residential space and 5,122 square feet of commercial space.
According to the website YIMBY, the property was divided before development into two lots with several one- and two-story mixed-use buildings and then purchased in two parts for $3 million in total in 2013 and 2014. The building was also designed by Angelo and Anthony Ng’s Architects’ Studio.
Reach Jon Cronin at 718-357-7400 x125, email@example.com or @JonathanSCronin.