Written by Rubin S. Isak
Below I will outline 7 of the most recent commercial/investment transactions in the Queens Market above $10M:
1. 2410-2420 29th Street, Astoria – Three (3), 4-story, walk-up apartment buildings across one lot built in 1924. The entire portfolio comprises of 25,000 SF and 27 Residential Units. The buildings sold on April 5, 2017 for $11,375,000. The purchaser also took out a mortgage in a total amount of $6,000,000 from Ridgewood Savings Bank on this property. The sales price equates to $421,296/unit and $455/sf. The reported capitalization rate on this transaction was roughly 3.7%. The purchaser is a private investor based out of Astoria. The seller is based out of Manhattan. This portfolio also traded hands less than 3 years ago in July of 2014 for $7,250,000. A 36.3% return for the sellers in 3-years. Not bad; but not unusual in the borough any longer.
2. 64-01 Woodside Avenue, Woodside – A newly constructed, 6-Story Elevator apartment building comprising of 26,252 SF with 27 Residential units, community facility on the ground floor and 14 Parking Spaces. The property sold on April 27, 2017 for $14,500,000 to a private investor based out of Flushing. The sales price equates to $537,037/unit and $552/SF. The purchaser also took out a mortgage from Clifton Savings Bank for $10,875,000 on this property. The seller, also a developer, purchased the land in 2010 from The Central Presbyterian Church of Manhattan for $1.98M
3. 196-11 Jamaica Avenue, Jamaica – A 6-building, 45,000 SF garden apartment portfolio comprising of 100 Residential units. This property sold on April 25, 2017 for $15,275,000 to a private investor based out of Hempstead. The sellers are private investors based out of Manhattan. The sales price equates to $152,750/unit and $339/SF. The reported capitalization rate on this transaction was approximately 4.8%. The sellers purchased this portfolio in December of 2015 from the Stark family, who owned it for over 50 years, for $12.1M.
4. 22-43 Jackson Avenue, Long Island City – This corner site is currently improved by a 6,400SF 1-story office building. The lot size is 164’ x 82.42’ Irregular; or 16,968 SF. It is situated in a R7X, C2-5, M1-4/R6B, LIC Zone. The total buildable SF is reported to be 75,360 Buildable SF, as of right. It sold on May 1, 2017 for $23,000,000 to a private investor based out of Manhattan. The sellers were based out of Long Island City. The sales price on this development site equates to $305/Buildable SF. The purchasers also took out a mortgage for $12M on this site. It is reported that an 11-Story, 120,000SF, 70-unit apartment building will be built on this site. (bringing the price per buildable SF down to $191/bsf)
5. 138-10 135th Avenue, South Ozone Park – Crowne Plaza JFK Hotel – This 233,210SF, 335 Room hotel sold on April 21, 2017 for $58,070,000. The purchasers are private investors based out of Manhattan. The sellers based out of Manhattan also, purchased this back in January 2012 for $16.45M. The purchasers took out a mortgage for $40.5M on this transaction.
6. 132-40 & 133-21 Sanford Avenue, Flushing NY – Portfolio sale. 132-40 Sanford Avenue is an 83,430SF, 6-Story, elevator apartment building with 94 Residential Units. 133-21 Sanford Avenue is a 74,007SF, 6-Story, elevator apartment building with 88 apartments. The combined portfolio comprises 182 Residential units across 157,437 SF. The portfolio traded for $57,600,000. The sales price equates to $316,483/Unit and $365/SF. The purchasers are Manhattan based investors. The sellers are based out of New Jersey. (The sellers purchased these 2 buildings as part of a 6 property portfolio back in December of 2015 for $138m. The subject properties comprised of $31.25m of the $138m portfolio price)
7. 95-25 Queens Boulevard, Rego Park – An 11-Story, 357,760 Square Foot Office Building with Retail on the Ground level. This property encompasses the entire block and Sold on March 28, 2017 for $139,874,900 to Fidelis Care, also a tenant in the building. The sales price equates to $391/SF. The seller is The Lefrak Organization, who developed this building in 1975.
We continue to see record breaking data metrics on the sale of commercial/investment property in the Borough of Queens. As always, I will continue to keep you posted on this sub-market.