100-30 Atlantic Avenue - Queens, NY
Highcap Group" width="150" height="150" /> Josh Goldflam, Highcap GroupQueens, NY Josh Goldflam, managing principal of Manhattan-based investment sales firm Highcap Group, arranged the sale of 100-30 Atlantic Ave., which sold for $2.35 million. The long-term owner and seller was a family located in Brazil, and the buyer was a private investor going under the entity 100-30 Atlantic Ave LLC. Goldflam represented the buyer and seller.
The property is situated in the Richmond Hill neighborhood of Queens on Atlantic Ave. at the corner of 102nd St. and also has an address at 101-09 94th Ave. The block through property features 125 ft. of frontage on Atlantic Ave., 50 ft. of frontage on 94th Ave. and 80 ft. of frontage on 102nd St. The building is a former coffee bean manufacturing and processing plant consisting of nearly 11,000 s/f that was delivered vacant at the closing. The lot has the ability to be developed with a maximum of 38,860 s/f.
The property is located in a high traffic area with many national retailers in immediate proximity to the property. The new buyer plans to reposition the property to a full retail use and lease it up as soon as possible.
Goldflam said, “The buyer of the property understands the high potential for this property for a large retail store or strip center and will likely implement a plan for renovation and reposition to attract a high quality tenant to complement the other national retailers on the block. This will require some heavy lifting but will yield excellent returns once it’s finished and stabilized.”
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