Massey Knakal Arranges $47 M. Elmhurst, Queens Sale
Al Barbarino Jan. 8, 2014, 8 a.m.
Massey Knakal has arranged the $47 million sale of the former St. John’s Hospital building at 90-02 Queens Boulevard and a parking garage at 87-28 58th Avenue in Elmhurst, Queens.
“For the first time, Queens is beginning to see a trickle-down effect of rising rents from primary neighborhoods, like Long Island City,” said Stephen Palmese, who exclusively handled this transaction with Thomas Donovan, in a statement.
“This is similar to Williamsburg’s effect on Bushwick. As a result, secondary markets, like Elmhurst, which also have great transportation, are experiencing strong increases in residential rents.”
Located between 57th Avenue and Woodhaven Boulevard, 90-02 Queens Boulevard is a seven-story — plus penthouse — former hospital building with 266,322 square feet. It has been gutted its steel and concrete foundation and all windows in the building have been replaced, with BSA plans approved to convert the property to a mixed-use building with retail on the ground floor and lower level, medical facilities on the second floor, and residential on the remaining floors.
Located on the corner of Hoffman Drive and 58th Avenue, behind the former hospital, 87-28 58th Avenue is a 86,400-square-foot five-story parking garage with a 290-vehicle capacity.
They are in proximity to the Long Island Expressway, Grand Central Parkway, Van Wyck Expressway, and Brooklyn Queens Expressway. The buildings are accessible by mass transit as well, with numerous bus lines servicing the area and access to the M and R subway lines at Woodhaven Boulevard.