Colliers International Arranges $1 Billion, 99-Year Ground Lease in Flushing
‘Flushing has arrived’ with record-setting transaction; Macy’s-occupied property links dynamic transportation hubs between bustling Queens neighborhood and Manhattan’s Hudson Yards
NEW YORK, NY – January 12, 2016 – In the largest real estate transaction in the history of Flushing, Queens, Colliers International has arranged a 99-year ground lease on behalf of the Benider Company at 136-62 Roosevelt Avenue. Private real estate firm Crown Acquisitions signed the long-term lease beneath the 250,000-square-foot property, fully occupied by retail giant Macy’s. Over the course of the 99 years, the aggregate value of the ground lease will likely exceed $1 billion.
The Colliers International team of Robert L. Freedman, Co-Chairman, Tri-State, and Steve Chasanoff, Executive Managing Director, arranged the record-setting ground lease. Colliers International was the only broker involved in the transaction.
“This transaction is a game-changer for Flushing,” said Freedman, who noted that the property is situated at the terminus for the 7 train transportation hub, which also connects to the Hudson Yards as its Manhattan terminus, creating one of the most dynamic, multi-borough corridors in New York City. “We no longer characterize Flushing as an emerging market. It has arrived.”
“Because of the market fundamentals and the scale of the project, we were able to generate tremendous interest from institutional investors and nimble, entrepreneurial players in this redevelopment project,” Chasanoff said. “This property has incredible, long-term potential as a retail destination or for mixed-use redevelopment.”