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TimesLedger.com
09/25/2007
Massey Knakal Realty Services brokered a deal last week to sell an Astoria building on Steinway Street to a high-profile Manhattan developer for a whopping $22.5 million, making it one of the highest purchases of the kind for the area, a spokeswoman for the realtor said.
The three-story commercial building, located at the northwest corner of Steinway Street and 30th Avenue, sold in an all-cash transaction at $441.20 per square foot to Orin Wilf, of Manhattan's Skyline Developers, a Massey Knakal spokeswoman said.
The property, which is approximately 50,997 square feet, currently contains a Duane Reade, a Washington Mutual Bank and a New York Sports Club. The three businesses will remain in the building, the spokeswoman said. She added that the building's space is fully utilized so no other tenants can move into the property.
"This property represents a record sale in the neighborhood and a vote of confidence in the strength of the Astoria real estate market," said Rubin Isakharov, a broker for Massey Knakal.
A spokeswoman for the broker said 30 offers were made for the property and that the sale was the largest single retail building transaction in the area this year.
The previous owners of the property were Meir Cohen and Ben Korman, the spokeswoman said.
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