A local labor union reportedly doled out more than $4 million to buy a College Point office building, it was announced on Tuesday.
A College Point-based company RJB Realty LLC sold the building at $200 per square foot to Astoria-based labor union Excavators Union Local 731. Stephen R. Preuss from Cushman & Wakefield acted as a broker in the transaction.
Located at 14-29 112th St., right on the corner of 112th Street and 14th Road, the two-level building contains approximately 21,058 square feet. The property features up to 14,002 square feet in air rights.
The $4.2 million building sits within an M1-2 zoning district, which includes light industrial use.
The property is located in close proximity to the Whitestone Expressway and the Cross Island Parkway, as well as the
College Point Shopping Center.
“We received a strong amount of interest […],” Stephen R. Preuss said. “Despite a few drawbacks with the property,
we were still able to achieve favorable pricing of approximately $200 per square foot.”
QNS reached out to Local 731 for comment and is awaiting a response.