Besen & Associates close sale of two adjacent Queens retail properties

 

 

Queens, NY Besen & Associates has closed the sales of two adjacent retail properties on Queens Blvd. in the Briarwood neighborhood for a combined value of $8.8 million. The properties were sold in two separate transactions to two different purchasers.

138-11 Queens Blvd. is a 2,200 s/f single-story retail building with three fully occupied stores. It resides on a 40 by 100 ft. lot and offers an additional 10,000 s/f of air rights. In-place rents average to $61 per s/f with co-terminus leases expiring in December 2022. The sale price equates to $1,136 per s/f, and a 3.6% capitalization rate. The property was sold by Manny Malekan to Larry Shelon for $2.5 million. Niko Berdzeni of Besen was the sole broker.

183-13 to 138-21 Queens Blvd. is a 7,545 s/f single-story retail building with five occupied stores on a 94.67 by 100 ft. lot. The property offers total development rights of 35,400 total buildable s/f for a potential mixed-use building. Fully tenanted with five “Mom and Pop” stores on leases through 2028, the property has in-place rents averaging to $49 per s/f. The sale price equates to $835 per s/f, and a 4.3% capitalization rate. The property was sold by Allied VI, LLC to M Kiss Management for $6.3 million. Ronnie Shaban was the sole broker.

Zoning designation for both properties is R6A/C1-4 with a 3.0 allowable F.A.R. for a mixed use development including both commercial and residential components. The development rights in aggregate blend to $185 per buildable s/f, though there are no plans for an immediate development.

“At $1,136, I believe we may have set a new record for Queens on a price per square foot basis for a single-story retail property,” said Berdzeni.

Both are located Between 84th Dr. and 86th Ave. and are near public transportation: Near the Briarwood – Van Wyck Boulevard Station on the [E, F] trains. The surrounding area of Briarwood is located northwest of Jamaica and roughly bounded by Van Wyck Expressway to the west, Parsons Blvd. to the east, Parkway Village to the North, and Hillside Ave. to the South. The neighborhood is named for the Briarwood Land Company, headed by Herbert O’Brien, which built housing there beginning in 1905. The neighborhood is served by the IND Queens Boulevard Line of the New York City Subway at the Briarwood station (E and ?F trains).