Queensborough Lumber Company sold the nearly 45,000-square-foot lot to the storage facility developer, according to its real estate firm.
BAYSIDE, QUEENS — A Manhattan-based developer recently bought a nearly $10 million lot in Bayside with plans to turn it into a storage garage.
Queensborough Lumber Company sold the 44,981-square-foot property at 215-01/11 42nd Ave. earlier this month to Steve Novenstein, a partner at Storage Deluxe, for $9.7 million, its real estate firm Cushman & Wakefield announced.
“The buyer acquired a property with great potential and ideal zoning for their intended future use of a storage facility,” said Stephen Preuss, a senior managing director at Cushman & Wakefield who led the sale.
The property is currently home to a massive parking garage and building, which Verizon rents out to park its vehicles near the company’s office at 43rd Avenue and 214th Street.
That tenant happens to be Verizon, which parks its vehicles at the location just a couple of blocks away from one of its offices at the corner of 43rd Avenue and 214th Place. Cushman & Wakefield noted that the tenant’s current lease was extended through Oct. 31, 2019, and has two additional two-year lease extensions.
Verizon’s current lease at the property was extended through Oct. 21, 2019, and the company still has two more two-year lease extensions in the space after that before development on the storage garage is likely to begin, according to Cushman & Wakefield.
Preuss called the lot, “a textbook covered-land play, which carries short term income with a tenant in-place with the ultimate goal of redeveloping the property once vacant in few years.”
The lot currently hosts an 8,000-square-foot building in addition to the parking space, but its development rights allow for upwards of 107,000 square feet of commercial buildout, according to Cushman & Wakefield.
Storage Deluxe owns, develops and manages numerous storage facilities across the New York City with Queens properties in Astoria, College Point, Flushing, Jamaica and Long Island City, according to its website.
Its latest property is a block east of Bell Boulevard and two blocks north of Northern Boulevard, within walking distance of the Bayside Long Island Rail Road.