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Phillips International Acquires Development Site In Forest Hills, Queens For $8.75M

Property Image
SOLD
$8,750,000
Thomas (Tom) Donovan
MR

New York

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Development Site260,000 SF
Sold 12/17/2019
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Property Image
SOLD

Phillips International Acquires Development Site In Forest Hills, Queens For $8.75M

107-17 71st Ave, Flushing, NY 11375, USA

See Similar Deals
Development Site260,000 SF
Sold 12/17/2019
Thomas (Tom) Donovan
MR
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$33
Total Square Footage:260,000 SF
Transaction Type:Sale

A development site located at 107-17 71st Avenue in Forest Hills, Queens has been sold for a price of $8,750,000. The property, owned by R&E Property Corp. and represented by Dick Wender, was purchased by Phillips International, with Michael Robbins as the buyer. The sale was facilitated by Thomas A. Donovan of B6 Real Estate Advisors. The development site spans 26,000 square feet and has a price per buildable square foot (PPBSF) of $336.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $8,750,000
  • Address: 107-17 71st Avenue, Forest Hills, Queens
  • Market: Forest Hills, Queens
  • BSF: 26,000
  • PPBSF: $336

The buyer, Phillips International led by Michael Robbins, successfully acquired the development site from R&E Property Corp. The transaction was overseen by Thomas A. Donovan of B6 Real Estate Advisors, who served as the seller's representative. This sale represents a notable development opportunity in the Forest Hills market.

Players

Thomas (Tom) Donovan
Meridian Capital Group
Thomas Donovan
51 deals$730.7M volume(646) 502-3481
BROKER
B6 Real Estate Advisors
B6 Real Estate Advisors
BROKERAGE
MR
Michael Robbins
3 deals$8.8M volume
BUYER

Details

SOLD
IMAGE: Robert Rappa, Thomas A. Donovan, Michael Robbins DATE: 12/17/2019 ADDRESS: 107-17 71st Avenue MARKET: Forest Hills, Queens ASSET TYPE: Development Site SALE PRICE: $8,750,000 BSF: 26,000 PPBSF: $336 SELLER: R&E Property Corp. – Dick Wender BUYER: Phillips International – Michael Robbins SELLER’S REP: Thomas A. Donovan – B6 Real Estate Advisors

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