A Volkswagen vendor is able to drive into an even bigger 2026, inking of a lease for a flagship location in Queens.
Teddy Volkswagen signed a lease for 67,000 sq. ft on thirty seventh Road and Northern Boulevard in Lengthy Island Metropolis, the Business Observer reported. The placement spans 5 parcels: 36-45 thirty seventh Road, 47-61 thirty seventh Road, 36-61 thirty seventh Road, 37-21 Northern Boulevard and 37-15 Northern Boulevard.
The properties are owned by Vesta Industries and Vecta Industries, in keeping with property information. The location was as soon as a Cadillac dealership — even featured within the 1990 film “Cadillac Man” — earlier than lately housing the stage lighting tools provider arm of Kaufman Astoria Studios.
Phrases of the 10-year lease — which encompasses a warehouse, mechanic store and showroom house — weren’t disclosed. The common asking lease for Queens industrial house within the third quarter was $34.27 per sq. foot, in keeping with CBRE.
Jaffe Realty’s Brian Jaffe represented the tenant within the deal, whereas Sholom & Zuckerbrot Realty’s Franklin Zuckerbrot and Joe Eliasoph represented the proprietor.
The Lengthy Island Metropolis location might be Teddy Volkswagen’s second within the metropolis, following the operation of a dealership within the Bronx. The latest location is predicted to generate 100 native jobs, in keeping with the automotive vendor.
The flagship is throughout the boulevard from the Normal Motors Product Constructing, concerned in its personal actual property transaction in latest months.
In September, Scott Rechler’s RXR sold the property at 37-18 Northern Boulevard to Jack Guttman’s Pearl Realty Administration for $42 million. The sale of the 300,000-square-foot Queens workplace constructing broke right down to $140 per sq. foot; Rechler bought the previous automotive elements manufacturing facility for $110 million in 2014.
Different notable dealership leases previously 18 months embrace Ferrari signing a 10-year lease for 7,600 sq. ft at 425 Park Avenue in April for a showroom and personal membership Traditional Automobile Membership Manhattan taking 60,000 sq. ft for a flagship at 645 eleventh Avenue in Hell’s Kitchen final June.
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