Falco of Falco Isak Realty reps Community R.E., Inc. in $1.65 million sale

John Falco, president of Falco Isak Realty Services, an investment sales firm, has just exclusively sold 80-02 Grand Ave. in the Elmhurst neighborhood in an all-cash transaction valued at $1.65 million. 80-02 Grand Ave. is a corner, one-story plus mezzanine, retail building, built in 1960. The building consists of 5,675 above grade s/f, with 55 feet of frontage on Grand Ave. The sales price of $1.65 million represents $290.75 per s/f. The seller was Community Real Estate, Inc; the purchaser is Dong Yuan (USA) Group, Inc., a private investor in the Borough. Falco Isak Realty Services exclusively represented the seller and Winzone Realty represented the purchaser. "The ownership had decided to sell the building after operating a successful beverage company after 40 years in operation. We put the property on the market with the option to purchase the business in addition to the property. After 8 weeks of marketing we had over 25 offers from owner / users and developers; this lead to an aggressive bidding war." said Mr. Falco "The purchaser is a local business owner with overseas ties that wanted to take advantage of the buildings location and proximity to Queens Boulevard. The purchaser will continue to operate the beverage facility" he continued. The business, a retail and wholesale beer distributor, was also sold to the purchaser.