By Madina Toure
The family business that owns Whitestone Lanes, a bowling alley which has been serving the Flushing area for decades, is planning to sell the property for $60 million to make way for a mixed-use development.
Mar Mar Realty, which includes some of the family members who run the lanes, wants to sell the site at 30-05 Whitestone Expressway, according to Stephen Preuss. He is the executive director in the Capital Markets Group of Cushman & Wakefield, which is marketing the property.
He said the family is selling the property because the senior member of the family is retiring and they have been operating the lanes for a long time.
“At this point in time, they’re done with running the business and they’re looking to capitalize on the current development situation in the Flushing area,” Preuss said.
The property consists of a 37,000-square-foot building and a 43,000-square-foot parking lot and can accommodate up to a 386,000-square-foot structure, according to Preuss.
The $60 million selling price is based on a price of $155 per buildable square foot, he explained.
He also said Cushman & Wakefield is currently in talks and in the process with the Department of City Planning of changing the site’s zoning for its current industrial zoning to a commercial and residential zoning.
But Tommy, a manager at Whitestone Lanes, said the family is not selling the bowling alley and is merely renovating and fixing up the bowling center.
“They’re not selling it,” he said. “They’re doing a renovation. There was a misunderstanding.”
The owner of Whitestones Lanes could be not reached immediately for comment.
Reach reporter Madina Toure by e-mail at mtour