A downtown Flushing site that recently changed hands for a hefty sum will be transformed into a larger, mixed-use space.
The corner property at 141-57 Northern Blvd. sold for a final closing price of $23 million. Developer NY EZ Property Holdings is the new owner.
The property currently features a 14,200-square-foot building occupied by a commercial tenant and Bank of America, which operates just over 4,000 square feet on a lease through March 2020. The company is paying $9,566 per month to lease the space with no options.
The building sits on a 22,663-square-foot lot. Zoning allows for potential 67,989 buildable square feet for mixed-use development, as of right.
Angelo Ng & Anthony Ng, Architects Studio, P.C. has filed plans with the Department of Buildings (DOB) to turn the property and adjacent 141-61 Northern Blvd. into a seven-story, mixed-use building. The second floor will house a community facility space and floors three through seven will house residential units. The first floor will remain a commercial space.
There are also plans to create 98 parking spaces in an enclosed area. The development is pending zoning approval, according to DOB records.
Cushman & Wakefield’s Senior Managing Director Stephen R. Preuss and Vice Chairman Stephen P. Palmese represented the seller.
“With an extremely diverse community and an ideal location along the 7 train and LIRR, Flushing has emerged as one of the fastest growing neighborhoods in Queens,” Preuss said. “The recent success of local projects such as The Grand at SkyView bodes well for future development as demand for new residential space continues to outpace supply.”