Madison Realty Capital Picks Up Queens Site With 145K of Buildable SF [Updated]
Investment management firm Madison Realty Capital has purchased a former Queens gas station at 69-02 Queens Boulevard from Massachusetts-based convenience chain Cumberland Farms for about $12.8 million.
The sale of the 29,000-square-foot lot between 69th and 70th Streets in the Woodside section, which includes a vacant 4,335-square-foot gas station building, closed on Feb. 3, according to city records made public today. The site offers more than 145,000 buildable square feet for a commercial and residential development, as per an old Massey Knakal Realty Services marketing flyer. (Cushman & Wakefield purchased Massey Knakal in 2014.) Cumberland Farms was asking $13.5 million for the site.
C&Ws Thomas Donovan, Eugene Kim, Robert Rappa, Edward Gevinski and Brian Streilein represented Cumberland Farms in the deal. A C&W spokeswoman did not immediately respond to a request for comment.
The sale of the gas station is one of five parcels on the block that Madison Realty Capital is buying as part of an assemblage of up to 300,000 square feet, according to a spokeswoman for Berko & Associates, which represented Madison Realty Capital in the deal.
“We couldn’t be happier with this deal and we’re looking forward to contributing to a thriving and exciting area,” Joshua Zegen, a co-founder and the managing principal of Madison Realty Capital, said in a prepared statement.
Joe Berko and Michael Korine of Berko & Associates handled negotiations for Madison Realty Capital.
Cumberland Farms purchased the Woodside property in 2003, city records indicate. The building at 69-02 Queens Boulevard was being used as a Gulf Oil fueling station until last year. Gulf was a division of Cumberland until it sold the gas distribution business to private equity firm ArcLight Capital Partners for more than $800 million last year, as the Boston Globe reported.
A spokeswoman for Cumberland Farms declined to comment on the property sale via an email.
Update: This story has been edited to include comments and additional information about the sale and the buyer’s intentions.