Below I will highlight the details for some of the first investment property sales this year in Queens, NY:
1. 2101-2119 31st Street in Astoria is a corner property improved by three (3), contiguous, single-story retail buildings containing nine (9) retail stores. I sold this for $16,050,000 in an all cash transaction. We closed on January 13, 2016. With 225 feet of retail frontage, this sales price equates to $790.25/SF. The purchasers were Rockfarmer Properties.
2. 41-29 41st Street in Sunnyside is a pre-war, 50-Unit, 40,800 SF, 6-story, elevator apartment building. The property sold for $14,700,000 and closed on January 21, 2016. The purchaser was Albion Grove LLC from Woodside, Queens. The sales price equates to a healthy $294,000/unit and $360.29/SF.
3. 142-20 Franklin Avenue in Flushing, aka “The Fairmont”, is a 129,304 SF, 145 Unit apartment building, between Kissena Boulevard and Bowne Street. The property, built in 1970, sold for $43,000,000 on January 11, 2016. The purchaser is The Pinnacle Group based in Manhattan. 142-20 was family owned for over 46 years. The sales price equates to $296,551/Unit and $334/SF.
4. A package of 39 Unsold Cooperative Units located in 107-40 Queens Boulevard in Forest Hills, aka “Lane Towers”, was sold for $7,095,000 and closed on January 7, 2016. Of the 39 Units in the package, 23 are studios, 13 are one-bedrooms and 3 are two-bedrooms. 19 are Free market units and 20 are Rent Stabilized.
5. 19-40 Flushing Avenue in Ridgewood is a 25,234 SF Warehouse located between Metropolitan Avenue and Woodward Avenue. The property sold on February 9, 2016 for $10,500,000. The sales price equates to $416/SF. The purchaser is Brooklyn based, Tri-Boro Shelving & Partition Corp.
6. 149-19 Union Turnpike in Flushing is a 6-Store, 6,470 SF retail strip center. The property sold for $4,100,000 on January 27, 2016. The seller purchased the property back in November 2013 for $2,525,000. The sales price of $4.1m equates to $633/SF. The purchaser is 149-19 Union Tpke Realty LLC, based in Great Neck.
7. 71-44 160th Street in Fresh Meadows is a 5-Story Elevator, 10,882 SF, 10-Unit condo building built in 2006. It sold for $3,750,000 on January 12, 2016.
8. 149-46 41st Avenue in Flushing is a 5,694 SF, 3-Story, Mixed-use property. It sold for $4,200,000 on January 6, 2016. This sales price equates to $737.62/SF. The purchasers are private investors also based in Flushing.
9. 43-55 11th Street in Long Island City sold on January 4, 2016 for $2,225,000. The property is a 3-Story mixed-use building with approximately 3,889SF. The seller, Animal Rescue of Queens, Inc, bought this building for $1.4m in September 2014. The building was purchased by an adjacent property owner, J & B Realty, LLC.
10. 73-09 Myrtle Avenue in Glendale sold on January 7, 2016 for $1,650,000. The 3-Story, Elevator, Office Building boasts 7,000SF. The purchaser was a private investor from Whitestone.
11. 30-76 37th Street in Astoria is a 3,600 SF, 3-Story apartment building with 6-units. The building sold on January 13, 2015 for $1,750,000. The purchaser is a Manhattan based investor. The sales price equates to $291,666/Unit and $486/SF.
12. 60-07 Northern Boulevard in Woodside sold on January 29, 2016 for $2,000,000. The property is a 2,500sf lot used as a parking lot. Currently zoned, R5. The purchaser is a Long Island City based contractor. The seller bought the lot back in June 2008 for $200,000.
13. 43-04 30th Avenue in Astoria is a 5,570 SF, 3-story, mixed-use building. The property sold on January 27, 2016 for $2,400,000. 43-04 30th Avenue has been family owned for over 43 years. The property has 2 stores on the ground floor and 6 apartments above.
14. 41-05 Skillman Avenue in Sunnyside is a Corner, pre-war, 10,100 SF, 4-story walk-up apartment building containing 16 Apartments. This property traded on January 27, 2016 for $4,300,000. This sales price equates to $268,750/Unit and $425.74/SF. This property was family owned for over 42 years. The purchaser is a private investor based out of Whitestone.
15. 62-60 99th Street in Rego Park, aka “Saxon Hall” is a 16-Story, 503,000 SF, 420 Unit Elevator Apartment Complex. This property is under contract to sell for a reported $135,000,000. The sales price will equate to $321,428/Unit and $268/SF. This is the 3rd sale of this building since 2008 when it sold for $74M. The second sale was for $85.25M in June of 2013. The purchasers are Madison Realty Capital.
16. 4111-4117 Crescent Street in Long Island City, aka “The Crescent Club” is a 150,000 SF, 17-Story, Luxury elevator apartment building containing 130 units and a 6,000SF ground floor retail. The property, built in 2011, boasts a pool, rooftop lounge and parking garage. The property traded for $97,000,000. This sales price equates to a 4.5% cap rate, $646.66/SF and $746,153/Residential unit. The purchaser is Weiss Realty. The sellers are Bonjour Capital.
17. 30-90 14th Street in Astoria is a 4-Story, 17-Unit, Walk-up Apartment building built in 1907. It traded on February 1, 2016 for $4,800,000. The purchase price equates to $282,352/Unit and $405/SF. The seller bought the building back in 2008 for $2M. The purchaser is a private investor based out of Astoria.
This was a very active 1st two months for the Borough. As always, I will keep you posted to who is buying, who is selling, what new developments are rising and any new zoning initiatives, etc… Knowledge is power. Stay tuned.