Flushing retail foreclosure auction could top $20M: sources

September 09, 2011 04:31PM

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From left: Adelaide Polsinelli, associate vice president at Marcus & Millichap; Richard Guarino, managing director at ERG Property Advisors and 150-24 Northern Boulevard in Flushing

A three-story commercial building in a portion of Flushing with a large Korean
immigrant population is scheduled to be sold at a foreclosure auction this month,
and insiders said it could attract bids above $20 million.

The owner of the building at 150-24 Northern Boulevard with 58,269 square feet
of rentable space, Roosevelt Avenue Corp., has a judgment against it for $16.8
million, information from PropertyShark.com shows. The auction is set for Sept.
16.

A previous auction set for May was canceled when the owner filed for
bankruptcy. The bankruptcy was scrapped, and the auction is set to go ahead.
Adelaide Polsinelli, associate vice president at commercial firm Marcus &
Millichap, and Richard Guarino, managing director at ERG Property Advisors, are
co-brokers marketing the property for the auction.

“I anticipate a lot of excitement at the auction. It is not very often an
asset likes this comes up,” Guarino said. “It’s in a great location in the
middle of Flushing in a very busy area.”

Midtown investor Emmut Properties owns the note with an original principal
value of $14 million, since purchasing it March 29 for an undisclosed amount.
Guarino brokered that purchase. Real estate investment firm Brick Capital Group
provided financing to Emmut in the purchase, city property records show.

The building, erected in 2006, is leased to tenants such as clothing retailer
Cosmos Department Store. The site also includes an 18,000-square-foot
underground parking lot. — Adam Pincus