New York Real Estate Journal

A focus on the borough of Queens: Recent investment property sales – $5 million and above - by Rubin Isak

June 21, 2016 - Brokerage
Rubin Isak, Rubin & Isak Rubin Isak, Goldenwood Property Advisors

Below I will highlight the details for some of the most recent investment property sales – $5 million and above this year in Queens:

• 48-02 25th Ave., Astoria – A four-story, 102,000 s/f elevator office building with a NOI of $932,611. The class B office property sold for $16 million on May 9th. The sales price equates to $157 per s/f and a capitalization rate of 5.83%. The purchaser is Mega Contractors based in Astoria. The sellers are Silverray Realty based out of Woodside.

• A five-building, 182,160 s/f, 252-unit, multifamily portfolio in Queens has traded for $53.9 million on May 17th. The buildings were: 87-14 129th St., Richmond Hill (41 units/36,000 s/f), 109-05 120th St., Jamaica (27 units/18,700 s/f), 102-43 Corona Ave., Corona (40 units/26,870 s/f), 139-09 34th Rd., Flushing (54 units/41,600 s/f) and 13906-13912 34th Rd., Flushing (90 units/59,000 s/f). The sales price equates to a 4.44% cap rate, $295.89 per s/f and $213,888 per unit.

• 5115 Rockaway Beach Blvd., Far Rockaway – A 124,800 s/f hospital building sold on May 5th for $19 million or $152 per s/f. The purchasers were The Arker Companies based in Floral Park.

• 215-34 Northern Blvd., Bayside – A two-story, 27,000 s/f, 66-room, hotel sold on May 10th for $15.9 million or $240,909/room. The sellers are Northern Motor Inn, Inc. based out of Westbury. The purchasers are 215 Northern Property LLC, based out of Bayside,

• 1085 Irving Ave., Ridgewood – A two and a half story, 67,236 s/f industrial building sold for $10 million or $148.73 per s/f. The purchasers were Hornig Capital Partners of Great Neck and Brickman Associates in NYC.

• 91-11 Roosevelt Ave., Jackson Heights – A C2-4/R6 zoned 60,000 s/f development site sold for $12 million or $200/buildable s/f on April 25th. The property sits on an entire block between 91st and 92nd Sts. on Roosevelt Ave.

• 47-22 Pearson Pl., Long Island City – a 56,833 s/f industrial building sold for $18.5 million or $325.52 per s/f on April 12th. The purchasers are Boyce Technologies out of NYC.

• 36-31 38th St., Long Island City – A 20,277 s/f, M1-1 zoned, industrial live/work building sold on April 5th for $9 million or $443 per s/f. The sellers were A. Schneller Sons, Inc. The purchasers were ST Management Group and PI Holdings II.

• 142-34 Roosevelt Ave., Flushing – A two-story, 11,857 s/f, retail/restaurant building sold for $8.8 million or $742.18 per s/f.

• 37-35 Crescent St. in Long Island City – A 30-unit, 18,215 s/f apartment building sold for $8.1 million to Vrahos Realty USA based in Astoria. The sales price equates to $444.69 per s/f and $270,000/unit.

• 37-40 12th St. in Long Island City – A 12,200 s/f, M1-3 zoned, industrial building sold for $6.887 million or $564.51 per s/f on May 5th. The site allows for 61,000 buildable s/f; which equates to $114.78 per buildable s/f. The purchaser is Vanko, LLC based out of Astoria.

• 10815-17 72nd Ave., Forest Hills – A 9,600 s/f office/residential building which sits on a 5,200 s/f lot. The C4-4A/FH zoning allows for total buildable sf of 20,800 s/f. The property traded on May 2nd for $5.67 million to Great Stone Dec LLC based in Rego Park. The sales price equates to $590.63 per s/f existing and $272.59 per buildable s/f.

• 84-70 129th St., Kew Gardens – This was a sale of 44 residential co-op units for $5.4198 million on April 13th. The purchaser is The Bluestone Group based in NYC. The seller was Yano Realty LLC based in Bayside. The sales price equates to $123,138 per unit.

• 159-01 Horace Harding Expressway, Fresh Meadows – A single-story, 5,081 s/f retail supermarket building sold to the current tenant for $5 million or $984.06 per s/f.

• 39-11 Queens Blvd., Sunnyside – A single-story, 11,650 s/f retail building with six tenants traded on March 10th for $10.45 million. The property allows for 36,000 buildable s/f in the C1-4/R7A zoning district. The sales price equates to $897 per s/f and $290 per buildable s/f. The sellers, Corona Group LLC purchased the property in 2008 for $4.225 million. The purchasers are 39 Sunnyside Owners, LLC out of Manhasset.

• 46-20 11th St., Long Island City – A corner, 10,000 s/f development site in a M1-4/R7A/LIC zoning district. The site boasts 40,000 buildable s/f. It traded for $9.8 million or $245 per buildable s/f. The purchases are Manhattan-based, 11th Street Condominiums LLC.

• 80-20 Broadway, Elmhurst – A six-story, elevator apartment building consisting of 71 units spread out over 73,995 residential s/f. The building sold on March 29th for $13.35 million. The sales prices equates to $188,000 per unit and $180 per s/f. The purchaser is NA Broadway Realty LLC based out of Nanuet.

Investors are still actively hunting for buildings to purchase in the Queens market. As always, I will keep you posted of market activity in the borough.

Rubin Isak is the president & founder of Goldenwood Property Advisors, New York, N.Y.