Ezratty, Solarz and Ellard of Eastern Consolidated arrange $13.55 million retail sale

Brian Ezratty, Eastern Consolidated

Ronald Solarz, Eastern Consolidated

Scott Ellard, Eastern Consolidated

Queens, NY Eastern Consolidated has arranged the sale of two contiguous retail properties occupied by the GAP and FedEx/Kinkos at 31-46 & 48 Steinway St. in the Astoria/Long Island City area of the borough. The properties traded for $13.55 million.

Eastern Consolidated vice chairman and principal Brian Ezratty exclusively represented seller, 31-46 & 48 LLC, and executive managing director and principal Ron Solarz procured the buyer, a real estate investment group. Scott Ellard, vice president and principal, served as the analyst for the deal.

The three-story, 16,250 s/f building at 31-48 Steinway St. also includes four, one-bedroom apartments on the third floor as well as the retail space leased to the GAP, which occupies the 4,500 s/f ground floor, 4,250 s/f second floor, and 4,500 s/f basement. The two-story, 4,550 s/f retail building at 31-46 Steinway occupied by FedEx/Kinkos also includes a 1,150 s/f basement.

“These two adjacent buildings leased by two long-established national retail brands presented the buyer with an excellent investment opportunity,” Ezratty said. “In addition to the creditworthy retail tenants, the 31-48 building includes four newly-renovated one-bedroom apartments with average rents of just over $1,800 per month.”

Solarz said, “These are terrific retail properties offering 75 ft. of frontage along Steinway St., one of the busiest neighborhood retail thoroughfares in Queens. Other national retailers that maintain a strong presence on this stretch of Steinway St. include Bath & Body Works, Vitamin Shoppe, Starbucks (next door), Children’s Place, and Victoria’s Secret.”

The properties are located half a block from the Steinway St./Broadway V, R, & G subway station, and 50 ft. from the Municipal Parking Lot.

Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types.