The Real Deal New York

Petra Capital  tries to offload Queens retail property for $20M

June 03, 2011 03:36PM

Private financial institution Petra Capital Management is selling off a retail property at 160-08 Jamaica Avenue, between 160th and 161st streets in the Jamaica neighborhood of Queens, GFI Realty Services, which is marketing the property, said today in a statement.

Meanwhile, the bank is requesting offers for the property, a spokesperson for GFI said.

Yosef Katz, a senior broker at GFI, is expecting it trade in the mid-$20 million range, she said.

The 57,000-square-foot multi-level property comes with 100,000 square feet of air rights.

“Retail space with this potential does not come to market often,” Katz said. “This is one of New York City’s busiest commercial corridors, making the vacant space an ideal asset for an investor.”

He added: “There are tremendous possibilities for future use, including the option of adding a residential component if so desired.”
Petra acquired the property in 2008, according to public records.

Last year, it was reported that Petra Fund Real Estate Investment Trust and Petra Offshore Fund, subsidiaries of hedge funder Andy Stone’s Petra Capital Management, had filed for Chapter 11 protection in Manhattan U.S. Bankruptcy Court. TRD

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