Chetrit Group Buys Queens Motor Inn at 64-11 Queens Blvd for $13.375 Million
Just off the heels of purchasing the former Entenmann’s bakery on 70-50 Queens Blvd, the Chetrit Group has acquired a motel in Woodside on 64-11 Queens Blvd. The motel located between 64th Street and 65th Street was purchased for $13,375,000 according to public records.
The property was marketed and brokered by Marcus and Millichap as a 204.47-foot by 100.84-foot lot and stretches an entire city block in width between 64th and 65th Street. According to their marketing the property allows for 100,090 square feet total buildable square feet with inclusionary housing and “As of Right” there is total buildable square feet of 77,318. No plans have been filed yet as of this report.
According to Real Estate Weekly and The Sunny Side Post who previously reported that the seller, Queenmo Corp., accepted an offer for the site from Mount Sinai Properties.
Shaun Riney, who was the Marcus and Millichap broker on the deal, added that “there is a lot of excitement for development in Central Queens right now and anything under $200 per buildable attracts significant interest.”
Chetrit Group continues its bullish push in Queens with this purchase and the purchase last July for almost $12 million in Elmhurst at 70-50 Queens Blvd. Chetrit just obtained Over $127 million in financing for their project in Jamaica and are looking for additional rezoning possibilities in Queens, such as Ridgewood and a conversion in Maspeth.
Queensbeans will continue to follow the progress and update