The Sale of 3714 – 3718 34th Street LIC
A 19,500 square foot warehouse currently used for a medical facility has been recently sold for $9.7 million. The warehouse spans from 34th to 33rd streets, between 37th and 38th avenues, has both M1-2 and R6A zoning with 58,500 buildable square feet as of right. That places the sale at $165.81 per buildable square foot. The seller on record At-Cort I LLC, represented by, Dr. Ronald Brady could not be reached for comments, as well as the buyer 37-14 34th at property LLC, who could be reached for comments.
No broker is on record for the deal and plans for the property are not yet disclosed. Jonathan Eshaghian of Marcus and Millichap, not involved in the transaction, felt that due to the proximity to the subway and to the office spaces on Northern Boulevard that the buyer got a good price and that the property has great potential.
Queens Beans has learned of another property currently in contract on 37th avenue a couple blocks from this sale for just over $200 per buildable square foot. Queens Beans will be following both stories for further updates.
( Photo courtesy of Google Maps )