The Real Deal New York

Blumenfeld buys $31M Rego Park commercial building

Vornado had owned the property since 2004

July 11, 2016 04:30PM
By Kathryn Brenzel

Queens and Edward Blumenfeld

99-01 Queens Boulevard in Rego Park and Edward Blumenfeld

Blumenfeld Development Group picked up an office-and-retail building in Rego Park for $31.2 million.

Vornado Realty Trust sold 99-01 Queens Boulevard to Blumenfeld for $31.2 million, documents filed with the city’s Department of Finance on Monday show. The two-story building, which spans 57,000 square feet and has 22 commercial units, is currently home to Bank of America, DeVry College and New York Sports Club.

A representative for Blumenfeld could not immediately be reached on Monday for comment on the deal.

Vornado TRData LogoTINY purchased the property from Ashkenazy Acquisition Corp. in 2004 for $26.5 million, records show. Valley National Bank financed Blumenfeld’s deal with a $25 million loan.

In March, Blumenfeld backed out of a project that would have brought a 160,000-square-foot retail store to Jamaica, Queens.  The developer had signed an agreement with the Greater Jamaica Development Corporation roughly three years ago to turn two parking lots into a store and parking garage, but the contract was terminated earlier this year after the project failed to progress.

Blumenfeld was also the original developer selected to redevelop Admiral’s Row in the Brooklyn Navy Yard but was dropped from the project in 2013. . Douglas Steiner was later named as the project’s developer.

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