Grosvenor Realty Group Acquires Development Site In Kew Gardens For $2.6M

A development site in Kew Gardens has been sold for $2,649,000 to Grosvenor Realty Group. The property, located at 82-77 116th Street, spans a lot size of 52.33 ft x 96.75 ft. The transaction took place on December 1, 2020, and the sale was facilitated by Stephen R. Preuss and Kevin Schmitz from Cushman & Wakefield. The property is classified under tax class 1B and falls under the R7A zoning designation. The development site offers a building square footage of 20,252 with a price per buildable square foot of $130.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,649,000
• Address: 82-77 116th Street, Kew Gardens
• Lot Size: 52.33 ft x 96.75 ft
• Market: Kew Gardens
• Tax Class: 1B
• Zoning: R7A
• Building Square Footage: 20,252
• Price per Buildable Square Foot: $130

Stephen R. Preuss and Kevin Schmitz from Cushman & Wakefield represented both the buyer, Grosvenor Realty Group, and the seller, Melvyn Kivel, in this transaction.