Donovan of Massey Knakal secures $1.875 million sale of two-story 11,000 s/f property

Massey Knakal arranged the sale of an office building at 61-04/10 Laurel Hill Blvd., located on the corner of Laurel Hill Boulevard and 61st St. in the Woodside neighborhood of the city. The property sold in an all-cash transaction valued at $1.875 million. This two-story property contains 11,000 s/f and sits on an 89' x 114.58' irregular lot. The property is within an R4B/C1-2 zoning district, which allows for a maximum of 11,700 buildable s/f of commercial space and 10,530 s/f of residential space. The building is in need of some repairs and offers tremendous upside potential. Highlights include indoor and outdoor parking and additional storage space in the basement. The sale price equates to approximately $169 per s/f. This building is ideally located on the service road of the Brooklyn-Queens Expressway and just two blocks from Queens Boulevard. "The seller purchased the property from Massey Knakal as an owner/user years ago. Due to our marketing strategy, we were able to find an investor who needed the space for his business and was willing to pay the asking price," said Massey Knakal Partner Thomas Donovan, who exclusively handled this transaction. Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.