On the Market

Big Box Retail Opportunity Could Capitalize on Western Queens Growth

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Massey Knakal is marketing a massive lot for long-term net lease at 39-19 21st Street for $1.5 million, hoping to capitalize on the rapid development occurring in western Queens.

Neatly tucked between a number of strategic roadways and two rapidly changing neighborhoods, the 100,000-square-foot lot on the corner of 39th Avenue and 21st Street sits between Long Island City and Astoria, Queens.

“It’s rare to come up with this large a footprint along a main drag,” said Benjamin Fox, executive vice president of retail leasing with the firm, who is exclusively marketing the property. Read More

Sales Beat

Tuck-It-Away Storage Facility to Open First Queens Location in Long Island City

37-19 Crescent Street

A vacant seven-story building at 37-19 Crescent Street was purchased by Tuck-It-Away for $6.1 million, where the storage company will run its first Queens facility, The Commercial Observer has learned.

Located between 37th and 38th avenues and just 5 blocks north of the Queensboro Bridge in Long Island city, the 47,000–square-foot, seven-story building, which sits on an 83’ by 105’ lot, will be well-positioned as a storage facility in a neighborhood experiencing significant residential and commercial real estate growth.

“It  was a deal where the needs of the buyer and seller aligned perfectly,” said Alan Shmaruk of Soho-based The Manhattes Group, who represented the buyer and seller along with Michael Sherman.  “Long Island City is developing at such a fast rate, so there’s a need for storage facilities to support the additional residential product that’s coming into the neighborhood.” Read More