Isak of Goldenwood is sole broker for $3.58 million transaction

Queens, NY Rubin Isak, founding partner of Goldenwood Property Advisors, has exclusively sold 5130-5134 Roosevelt Ave. in the Sunnyside neighborhood in an all cash transaction valued at $3.58 million. The sellers are Samis Realty Co., LLC and the purchaser is Qin Li. Isak was the exclusive and sole broker in the transaction.

The seller’s attorney was Evangelos Mihos, Esq. of Mihos Law and the purchaser’s attorney were Yang Law PC.

The property is located on the southwest corner of Roosevelt Ave. and 52nd St. on the border of the Sunnyside and Woodside neighborhoods.

The 40’ x 127’ corner lot is currently improved by a two-story, plus basement, elevatored 5,316 s/f building, with a parking lot. There is currently 3,258 s/f of restaurant/retail space on the ground floor and 2,058 s/f of office space on the second floor. The property was built in 2005. The site is also situated in a R6 zone with a C2-3 overlay. The as of right buildable square feet for a residential development was 14,832 s/f. Using the community facility bonus, developers can build a max of 23,731 s/f.

The sales price equates to $673 per s/f of existing building, $241/ZFA for an as-of-right development and $150/ZFA for a mixed-use development including community facility.

“Given the strong demand for land in Sunnyside and Woodside, even a building that was built in 2005 is being purchased as a development site. The property sits directly in front of the 52nd Street/Roosevelt Avenue 7-train subway entrance, making this a truly unique asset and ideal for a mixed-use project with a community facility component,” said Isak.