Cushman & Wakefield has announced that their services have been retained on an exclusive basis to market a prime retail property for sale, located at 31-79 Steinway Street in Astoria, Queens.
Currently occupied by the 99 Cent Discount store, the asking price for the property is $2.95 million, according to the press release.
“This prime retail opportunity with favorable development rights is fully-leased and can be delivered vacant,” said Stephen R. Preuss of Cushman & Wakefield. “With the current rent of $79.37 per square foot, representing approximately 85% of market value, this property presents investors with tremendous upside potential on one of the borough’s strongest retail corridors.”
The building is a single-story, 25’ wide retail building with a total of 2,250 square feet, with an additional 4,500 square feet of air rights included in the listing.
Located on the east side of Steinway Street, just north of Broadway, 31-79 Steinway Street is situated on a major thruway in the heart of Astoria.
The prime location is close to other national retailers such as CVS, Duane Reade, TD Bank, Gap, GNC, McDonald’s, Verizon Wireless and FedEx.
Cushman & Wakefield is a leading global real estate services firm and is among the largest commercial real estate services firms with revenue of $6 billion.