The Real Deal New York

Parkoff buys Forest Hills retail building for $28M

Home of Citibank branch sold by Madison Capital, Prudential slated for expansion

June 17, 2015 02:05PM
By Mark Maurer

Citibank Forest Hils

From left: 107-01 71st Avenue in Forest Hills and Richard Wagman (credit: Bisnow)

The Parkoff Organization picked up a one-story Citibank branch in Forest Hills from Madison Capital and Prudential Real Estate Investors for $28 million, with plans to expand the building, The Real Deal has learned.

The 12,200-square-foot retail property at 107-01 71st Avenue, near Austin Street, comes with roughly 20,000 square feet of unused air rights, records show.

Parkoff, a Great Neck-based investment firm led by Richard Parkoff, plans to redevelop the building to add floors. Citibank has about seven years remaining on its lease and will continue to occupy the ground floor, sources said.

A representative for Parkoff could not be reached for comment.

Madison Capital and Prudential paid $22.8 million in 2012 for the property, records show. Five years prior, Citibank sold the building to Aegon USA Realty Advisors for $17.9 million.

Moshe Majeski, who runs the Meridian Capital Group-affiliated Moshe Group, brokered the transaction. He declined to comment.

Madison Capital, a Midtown East-based investment firm led by Richard Wagman and J. Joseph Jacobson, was hit with a lawsuit last month for allegedly defaulting on rent at the Ansonia condo building, as TRD reported.