BY SAMANTHA WANDERER
Metro Manhattan Office Space, a New York City-based commercial real estate brokerage firm, found in their latest report that Queens’s Northern Boulevard is in the top five for most expensive commercial streets in New York City, ranking it among Manhattan’s Third Avenue and Brooklyn’s Flatbush Avenue.
Northern Boulevard’s median sale price for commercial assets was $4.6 million, and its biggest commercial deal to close in 2019, 51-30 Northern Boulevard, sold for $40 million. The location site of the sale housed a Sports Authority location for 20 years, but the brand filed for bankruptcy in 2016 and this location was shut down soon after. Now, the New York City Council has approved a project, led by the School Construction Authority, to turn the location into the site of a new high school.
This information comes from Metro Manhattan’s report on the 30 most expensive neighborhoods and 30 most expensive streets in New York City. The data was collected from neighborhoods and streets that recorded at least 10 commercial sales from January through October 2019.
Seven other Queens streets also made it into the top 30 list, with a combined total for commercial sales volume reaching $863 million.
Thirty-first Street, with a median sales price of $2.8 million, was the second priciest commercial street in Queens and ninth on the overall list of NYC streets. Union Street was the least expensive Queens street on the list, with a median sales price of $1.5 million.
Steinway Street, Queens Boulevard, Prince Street and Roosevelt Avenue were also on the list of top 30 most expensive commercial street. Queens Boulevard had the most sales in 2019 of the Queens streets on the list with 21 commercial sales, and it tied with Manhattan’s Broadway and Leonard Street for the most sales overall.
Bayside was the only neighborhood in Queens to appear on the top 30 most expensive neighborhoods list, and it was ranked 19th. Bayside’s median sale price was $3.75 million in 2019, and 12 commercial transactions closed during this time, totaling $45 million in combined volume.
The biggest sale in Bayside of 2019 was in May when the Bayside Tennis Corporation sold the historic Bayside Tennis and Racquets Club (34-28 214th Pl.) to 6118 Bayside LLC. The Bayside Historical society and other community members attempted to prevent the $12.2 million sale, but it was finalized despite their efforts, QNS previously reported.
For more information, visit www.metro-manhattan.
