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GlobeSt.com
10/24/2007
QUEENS, NY-A three-story elevatored commercial building at 2856-2860 Steinway St. in the Astoria section of Queens was sold to local investor Orin Wilf of Skyline Developers for $22.5 million. A source close to the deal tells GlobeSt.com that the seller of the property was Meir Cohen and Ben Korman.
The seller chose to sell because the timing was right in the market, the source explains. "At $22.5 million, this deal represented what we believe is the largest single-building retail transaction in Queens so far this year."
The source adds that the building is a great retail site because it offers 100 feet of frontage on Steinway and 190 feet of frontage on 30th Ave.--both bustling streets. There were several draws to the property, the source explains, noting that one draw is that "retail tenants are responsible for all utilities and tax increases above a base year, while the landlord is responsible for partial taxes."
The property contains approximately 50,997 sf, is fully occupied and is currently leased to three tenants including Duane Reade, Washington Mutual Bank and New York Sport Club. "All retail tenants are there to stay for the next 20 years according to their leases," the source explains, "so the property will operate the same."
The transaction occurred at a capitalization rate of 5.3%. The property sold for $441.20 per sf. Massey Knakal Realty Services was the sole broker in this transaction. "This property represents a record sale in the neighborhood and a vote of confidence in the strength of the Astoria real estate market," explains Massey Knakal broker Rubin Isakharov, who represented the seller with chairman Robert Knakal, according to a release.
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