Queens, NY – The final closing price was $6,550,000, equating to $662 per square foot.
Cushman & Wakefield’s Stephen R. Preuss and Kevin Louie led the marketing efforts on behalf of the seller, East River Realty Corp. to the buyer, 33-53 Farrington, LLC.
“This versatile property could easily be transformed for use other than a hotel,” said Preuss, a Vice Chairman at Cushman & Wakefield. “33-53 Farrington Street could efficiently be repurposed as an assisted-living center or other community facility, just to name a few.”
Originally built in 2005, 33-53 Farrington Street is a four-story commercial building comprised of 26 keys, with the potential for 30 additional keys and common areas. The building, which was formerly the Farrington Hotel, sits on a 6,250-square-foot lot with M1-1 zoning. The building can accommodate at least seven parking spaces in the front.
The property is approximately two blocks north of Northern Boulevard and the Downtown Flushing area, providing access to the Van Wyck Expressway and Grand Central Parkway. Multiple MTA bus routes surround the building and the 7 subway line can be accessed a half mile away at Roosevelt Avenue and Main Street.
About Cushman & WakefieldCushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
