Petkoff of Massey Knakal brokers $5 million sale of 71-37 Austin St.

A one-story retail property at 71-37 Austin St. in the Forest Hills section was sold by Massey Knakal Realty Services in a transaction valued at $5 million. The property is located on the retail street near Banana Republic, Victoria's Secret, Benetton and Ann Taylor. It contains a pizza place that was delivered vacant and a dry cleaning business, which has a lease through 2013. The property contains 3,115 s/f and an additional 10,591 buildable s/f. The transaction occurred at a capitalization rate of 3.60% and a gross rent multiple of 20.83. The property sold for $472.10 per buildable s/f to a local developer. "The buyer plans to redevelop some of the property at a future time," said Massey Knakal broker Nick Petkoff, who exclusively represented the seller. Massey Knakal Realty was the sole broker.