The Hakimian Organization has secured a prime development site in Woodside, Queens, with approximately 300,000 buildable square feet for $33 million. The acquisition, announced on Thursday, includes properties at 72-01/72-17 Queens Boulevard and 72-30 45th Avenue, in partnership with Gorjian NY, Imagine Capital Group, and CH Capital Group.
Originally owned by Piermont Properties, the sites were put on the market over three years ago with an asking price of $45 million. Piermont had purchased the properties between August 2014 and January 2015 for a total of $25 million. Earlier this year, Piermont sold an additional site at 72-34 45th Avenue to Jianou Chen for $2.3 million, according to property records.
Hakimian plans to develop a mixed-use complex featuring retail spaces, parking facilities, and over 400 residential units, including both market-rate and affordable housing. The project will be designed by Aufgang Architects, with construction expected to commence late next year.
“Woodside has all the components of a terrific residential neighborhood,” said Shawn Hakimian, executive director at the Hakimian Organization, in a statement. “Transportation is strong, retail is thriving, and the school system is excellent.”
Eric Anton of Marcus & Millichap brokered the deal for both sides. He noted that the sale of the site to Chen was strategic, as it allowed the sellers to fetch a higher price for a piece that was not critical to the main development.
The Hakimian Organization's portfolio also includes buildings at 33-01 38th Avenue and 44-16 23rd Street in Long Island City. Earlier this year, the firm refinanced its office building at 636 11th Avenue in Hell’s Kitchen with a $240 million mortgage from JPMorgan Chase and Citi Real Estate Funding.
The new Woodside project will contribute to a surge in development in the area. Madison Realty Capital is also planning a major project nearby at 69-02 Queens Boulevard, which will feature a two-tower complex with 561 apartments, 5,600 square feet of retail space, and a 242-space parking lot. This development is one of the largest to hit the neighborhood in decades, underscoring the growing demand for residential and commercial spaces in Woodside.
References: The Real Deal