New York City — Colliers International has arranged a 99-year ground lease on behalf of the Benider Co. at 136-62 Roosevelt Ave. in the Flushing neighborhood of Queens in New York City.
Private real estate firm Crown Acquisitions signed the long-term lease at the 250,000-square-foot property, which is fully occupied by Macy’s. Over the course of the 99 years, the aggregate value of the ground lease will exceed $1 billion, marking the largest real estate transaction in the history of Flushing, according to Colliers.
“This transaction is a game-changer for Flushing,” says Robert Freedman, tri-state co-chairman for Colliers, who noted that the property is at the terminus for the 7 train transportation hub, which also connects to the Hudson Yards as its Manhattan terminus, creating a multi-borough corridor. “We no longer characterize Flushing as an emerging market. It has arrived.”
Crown Acquisitions is a commercial real estate investment firm focused on the New York metro area. The new lessor eventually plans to redevelop the property, according to Colliers, but the Macy’s store is not one of the 36 national locations slated for closing.
“This property has incredible, long-term potential as a retail destination or for mixed-use redevelopment,” says Steve Chasanoff, executive managing director for Colliers.
The Colliers International team of Freedman and Chasanoff arranged the lease.