A Manhattan-based developer has bought a large parking lot and building in Bayside with plans to erect a storage facility there in the future.
Cushman & Wakefield announced on Aug. 9 that it brokered the $9.7 million deal between Queensborough Lumber Company Inc. and Steven Novenstein, a partner in Storage Deluxe, for the lot located at 215-01/11 42nd Ave. City property records noted that all parties involved closed the transaction on Aug. 2.
“The buyer acquired a property with great potential and ideal zoning for their intended future use of a storage facility,” said Stephen R. Preuss of Cushman & Wakefield said. He added that the lot “is 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 a few years.”
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.
The site at 215-01/11 42nd Ave. has an existing 8,000-square-foot building within the 44,981-square-foot lot. However, it also has development rights that allow for up to 107,953 buildable square feet for commercial development, Cushman & Wakefield noted. The property is located within a commercially zoned district.
Storage Deluxe notes on its website that it owns, develops and manages numerous storage facilities across the New York City metropolitan avenue; it already has locations in Astoria, College Point, Flushing, Jamaica and Long Island City. The company has already developed 4.8 million square feet of property, with another 1.2 million square feet in development.
The Bayside property is located two blocks east of Bell Boulevard, two blocks north of Northern Boulevard and just around the corner from the Bayside Long Island Rail Road station (the property itself abuts the railroad property).