Bankruptcy sale offers investors or developers rare opportunity to bring new condos or rentals into densely populated area with short commute to Manhattan; bids due by Sept. 10
FLUSHING, N.Y., July 14, 2021 /PRNewswire/ -- A&G Real Estate Partners is now accepting bids from developers or investors for Barclay Tower, a newly-constructed, 23-unit residential building in this densely populated section of Queens. Designed and built to be marketed as a condominium, but currently vacant, the site is being offered through a bankruptcy auction scheduled for September 14, with bids due on September 10.
Located at 144-69 Barclay Ave., between Parsons Boulevard and 147th Street, the seven-story building is steps from downtown Flushing. The site is also two blocks from the Long Island Railroad's Murray Hill station, providing an approximate 20-minute commute into Manhattan.
Barclay Tower offers a mix of five one-bedroom units, 17 two-bedroom units and one three-bedroom unit, ranging from 670 square feet to 1,370 square feet (building-wide average of 881 square feet). All two-bedroom units include two bathrooms, and all but two of the units have balconies averaging 50 square feet. All of the units are completed.
The elevated building features a virtual doorman as well as a large rooftop outdoor space providing sweeping views of the surrounding area. The site also includes 17 parking spaces.
"This auction presents an excellent opportunity for buyers to capitalize on Queens' booming residential market," said Jeff Hubbard, Senior Managing Director, Real Estate Sales at the Melville, N.Y.-based A&G. "With such a limited amount of new construction inventory available in the area, the process of acquiring Barclay Tower at auction, securing approval of the condominium plan and selling the units offers an investor or developer an expedited way to bring new product to market. Buyers also have the option of marketing the building as a rental property."
According to The Elliman Report, first quarter 2021 sales volume of all condos in Flushing rose 20% over the fourth quarter of 2020. The median sales price of newly constructed condos in Flushing was $1,158 per square foot, the Report added. Barclay Tower's immediate market is home to 147,163 people within a one-mile radius. The site is within close proximity to such attractions as the Queens Botanical Garden, Queens Zoo and Citi Field, and offers easy access to several major highways.
Hubbard noted that the property will be sold subject to the approval of the U.S. Bankruptcy Court, Eastern District of New York (Case No. 20-43052).
For additional information on the property, visit: https://barclaytowerauction.com/
About A&G Real Estate Partners
A&G is a team of seasoned commercial real estate professionals and subject matter experts that delivers strategies designed to yield the highest possible value for clients' real estate. Key areas of expertise include occupancy cost reductions, lease terminations, dispositions, real estate sales, real estate due diligence, valuations, acquisitions, and facilitation of growth opportunities. Utilizing its marketing knowledge, reputation and advanced technology, A&G has advised the nation's most prominent retailers and corporations in both healthy and distressed situations. The firm's team has achieved rent-reduction and occupancy-cost savings approaching $8 billion on behalf of clients in every real estate sector, while selling more than $12 billion of non-core properties and leases. Founded in 2012, A&G is headquartered in Melville, N.Y. For more information, please visit: http://www.agrep.com/
SOURCE A&G Real Estate Partners