Schuckman Realty brokers two sales for $11.671 million

Queens, NY Schuckman Realty brokered the sale of a single-tenant net leased Citibank located at 121-11 Liberty Ave., South Richmond Hill.

The building which is located on the northeast corner of Liberty Ave. and 121^st St. features an additional 6,860 s/f of unused air rights for future development.

The sale closed on September 13^th and sold for $3.9 million. Matthew Colantonio and Edward Gottlieb, CRX, CLS of Schuckman Realty represented both sides in this off-market transaction.

“This Citibank location reports a deposit count close to $500 million, the buyer was looking for a quality credit-tenanted NYC corner property with solid foot-traffic and additional air rights to take advantage of future development upside, while seeing near-term stability from Citibank,” said Colantonio.

Schuckman Realty negotiated the sale of a 52,000 s/f, grocery anchored shopping center at 436 Blooming Grove Tpke. in New Windsor.

The 100% leased, Blooming Grove Shopping Center features tenants such as Nature’s Pantry, Dollar General and the USPS as well as smaller retailers. The site has abundant parking on the lot which totals 5.7 acres. The property was delivered with an agreement and plans to install six electric car charging stations and the additional space could be used to develop retail pad sites.

Colantonio and Steven Hakakian of the Schuckman Realty investment sales team exclusively represented the seller and utilized Ten-X’s auction platform to market the property to thousands of additional national bidders. The seller was attracted to the Ten-X strategy of fronting and completing all due diligence prior to auction which leads to a hard, non-refundable contract which isn’t a normal market procedure in the multi-tenant retail market in Orange County.

The eventual winning bidder was a local New Windsor-based experienced owner, and the sale price was $7.771 million which represented a sub-8% cap rate on in-place income.

Schuckman Realty has facilitated the leasing of 3,800 s/f of new retail space to TrueCare Home Health Care at The Hamilton Development in Sunset Park, located at 968 60^th St., Sunset Park Brooklyn.

Jack Bassal of Schuckman Realty Inc. represented both sides of the transaction.

TureCare Home Health Care is a licensed home care agency providing personalized care to families throughout the New York Metropolitan region.