Cushman & Wakefield has been retained on an exclusive basis to sell The Octagon Building, an office building at 17-20 Whitestone Expressway. The property is located between 14th and 20th Avenues in the Whitestone neighborhood of Queens. The asking price is $26,500,000.
The five-story, elevator-serviced building contains approximately 63,110 square feet and features 235’ of frontage, offering substantial visibility from the Whitestone Expressway. The property benefits from on-site parking, which allows for up to 200 parking spaces. The building, which will be delivered at 97% occupancy, currently consists of 15 tenants and 20 office suites. Additional income is available from two roof antennas, Fed-Ex/UPS pickup boxes, and an electronic billboard.
The property is ideally located in close proximity to the Long Island Expressway, Cross Island Parkway, Grand Central Parkway, LaGuardia Airport, and numerous bus lines. Additionally, it is near the Throgs Neck and Whitestone Bridges. The favorable size and location of this property make this an ideal investment or 1031 exchange opportunity.
“This is a trophy asset in the Queens office building market with extremely high visibility on the Whitestone Expressway. It is the location where Vitaminwater and Smartwater were created and offers a potential corporate headquarter location along with a substantial signage opportunity,” said Cushman & Wakefield’s Thomas A. Donovan, who is exclusively marketing this property with Stephen R. Preuss.
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Neighborhoods: Whitestone/ Agents: Stephen Preuss