16 C R Y D E R P O I N T JANUARY Nordstrom Rack coming to Flushing ST. JOHN’S HOSPITAL SITE SOLD 16 cryder point courier | january 2014 | WWW.QUEENSCOURIER.COM Photo Courtesy The Shops at SkyView Center BY ANGY ALTAMIRANO The former home of St. John’s Hospital will soon be transformed into a mixed-use building. Real estate company Massey Knakal announced it handled the $47 million sale of the 90- 02 Queens Boulevard building in Elmhurst, together with a fivestory parking garage located at 87- 28 58th Avenue. “For the first time, Queens is beginning to see a trickle-down effect of rising rents from primary neighborhoods, like Long Island City,” said Stephen Palmese, senior executive vice president of sales for Massey Knakal, who handled the sale together with company partner Thomas A. Donovan. “This is similar to Williamsburg’s effect on Bushwick. As a result, secondary markets, like Elmhurst, which also have great transportation, are experiencing strong increases in residential rent.” St. John’s Hospital closed its doors in 2009 after Caritas Health Care, which ran the hospital, filed for bankruptcy. Brooklyn-based developer 89-52 Queens LLC then purchased the property and was the most recent owner up until the sale. Approved plans from the city’s Board of Standards and Appeals show the new owner intends to convert the 266,322-square-foot former hospital into a mixed-use building with retail space on the ground floor and lower level, medical facilities on the second floor and residential units on the remaining floors, according to Massey Knakal. The 86,400-square-foot parking garage, located behind the building, contains 290 parking spots. “This property is located across the street from Queens Center, which is one of the top grossing malls in the U.S.,” said Donovan. The property is also located across the street from the Queens Place Mall and near four major expressways. BY MELISSA CHAN Nordstrom Rack will be moving into the SkyView Center in Flushing, the Seattlebased apparel company announced this week. Style-savvy shoppers can expect the discounted retail division of Nordstrom, Inc. to open its first Queens location this fall at 40-24 College Point Boulevard. The two-level store will be 39,000 square feet, officials said. Nordstrom Rack is also opening two stores in Brooklyn this year. “We are excited about the opportunity to be a part of a dynamic retail center within a vibrant neighborhood in the heart of Queens and right off the Long Island Rail Road,” Nordstrom Rack President Geevy Thomas said. “We look forward to opening next fall and bringing our customers the very best of our brands at great prices,” Thomas said. The new storefront joins an expanding roster of national tenants, including Target, Old Navy and Bed Bath & Beyond and Best Buy. SkyView owner Michael Dana said the addition takes Queens one step further to being a major retail destination. “We are committed to providing shoppers great fashion at affordable price points and Nordstrom Rack is the perfect addition to our growing mix of retailers,” Dana said. Photo Courtesy Massey Knakal Real estate company Massey Knakal handled the $47 million transaction for the sale of the former St. John’s Hospital building in Elmhurst, together with a five-story parking garage.
CP012014
To see the actual publication please follow the link above