Astoria building that houses a Payless ShoeSource sells for nearly $3M

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A retail building in Astoria has been sold for a huge price.

Cushman & Wakefield arranged the sale of 30-70 Steinway St., a building that currently houses a Payless ShoeSource. The building was sold to Malachite Services, LLC for $2.95 million.

The 3,375-square-foot retail building features one-story and a basement. Located on the west side of Steinway Street between 30th and 31st avenues, the building is near retailers such as CVS Pharmacy, Foot Locker, Modell’s Sporting Goods and Zales.

The building is also close to the M, R, N and W subway lines and multiple bus stops.

Cushman & Wakefield’s Senior Managing Director Stephen R. Preuss and Vice Chairman Thomas Donovan represented the seller, Schwab Realty LLC, in the transaction.

“Astoria continues to thrive as a sought-after retail neighborhood,” Preuss said. “Situated in one of the strongest retail corridors in Queens and currently leased to a retailer for well below market rate, the buyer was presented a tremendous opportunity for upside potential.”

According to Cushman & Wakefield, Payless ShoeSource holds the lease through June of 2018.

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