Queens, NY Marcus & Millichap negotiated the sale of a 12,320 s/f mixed-use property for $7.15 million.
Anthony Cerrone and Michael Tuccillo, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
The mixed-use property at 36-41 Bell Blvd. is situated in the Bayside neighborhood. The two-story building includes 12 commercial units with ground floor retail space and offices on the second floor, along with on-site parking. The property is located in a retail corridor with nearby national retailers, including Dunkin’, 7-Eleven, and Chase Bank.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,