Queens, NY According to B6 Real Estate Advisors, the firm has closed two sales totaling $28.16 million.
An industrial site located at 75 Onderdonk in the Ridgewood neighborhood sold for $25 million. MySales, LLC purchased the property from Jason Richard Realty, LLC. The 66,000 s/f industrial building is broken up into 63,000 s/f of warehouse space and 3,000 s/f of office space. The property also has 61,000 s/f of air rights.
Representing the seller were Thomas Donovan and Robert Rappa of The Donovan Team at B6 Real Estate Advisors. Brian Jaffe of Jaffe Realty LLC acted on behalf of the buyer.
This property was one of the few large industrial assets on the market at the time. It features access to Manhattan, the Brooklyn-Queens Expressway (I-278), the Long Island Expressway (I-495), 3 drive-in loading bays, and direct access to the New York & Atlantic Railway for freight service.
According to B6, this sale showcases that the demand for industrial assets is growing at an exponential rate. The pandemic amplified the importance for e-commerce and the need for distribution/storage space became crucial. There was, and still is, a lack of good industrial product. This is due to the gentrification of neighborhoods that once were considered only for industrial/warehouse resulting in the demand for industrial assets to rise.
In the second transaction, 106-20 Corona Ave. in Corona neighborhood sold for $3.16 million. Donovan, Rappa, Tommy Lin, Eugene Kim and Bradley Rutkin, all of B6 Real Estate Advisors, acted for the seller, Chris Valsamos. The buyer of the 10,550 buildable s/f site was Simko Aranbayev.
The property consists of three retail tenants, two of which are restaurants that remained opened through the pandemic—Don Alex & Paraiso Colombiano—and the clothing shop, Irene’s Fashion. The building is located across the street from the Park Side Restaurant.
The sale showcases that demand for free market properties in well-located areas continues to surge.
Sign up is quick, easy, & FREE.