Queens, NY Besen & Associates completed the sale of two properties:
• 108-53 49th Ave. in the Corona neighborhood: Completed in 2015, the property consists of two contiguous three-story walk-up buildings with ten apartments and two parking garages with one space. Each building contains 12,144 s/f, and was sold for $5.6 million by Leah Chen and Greg Corbin. The sale price equates to $560,000 per unit and a cap rate of 4.0%.
• 162-13 46th Ave. in the Flushing neighborhood: Built in 2009, this property consists of a three-story commercial building with 13 units with 4,945 s/f. The property was sold for $2.1 million by Chen and Corbin. The sale price equates to $424 per s/f, and $161,538 per unit.
Flushing is a neighborhood in the New York City borough of Queens in the United States. While much of the neighborhood is residential, Downtown Flushing, centered on the northern end of Main Street in Queens, is a large commercial and retail area and is the fourth largest central business district in New York City. Flushing’s diversity is reflected by the numerous ethnic groups that reside there, including people of Asian, Hispanic, Middle Eastern, European, and African American ancestry. It is part of New York’s Sixth Congressional District, which is located entirely within Queens County. Flushing is served by five railroad stations on the Long Island Rail Road Port Washington Branch, as well as the New York City Subway’s IRT Flushing Line (7 and <7>? trains), which has its terminus at Main St. The intersection of Main Street and Roosevelt Avenue is the third busiest intersection in New York City, behind Times and Herald Squares.
Corona is a neighborhood in the borough of Queens in New York City. It is bordered by Flushing to the east, Jackson Heights to the west, Forest Hills and Rego Park to the south, Elmhurst to the southwest, and East Elmhurst to the north. Corona has a multicultural population with a Latino majority, and is the site of historic African American and Italian American communities. After World War II, the majority of the neighborhood’s residents were mostly Italian, German, Irish and of other European ancestries. Corona also has a significant Chinese population.
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.