Parkoff buys Forest Hills retail building for $28M

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

Jun.June 17, 2015 02:05 PM

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.


Related Articles

1226-1240 Sherman Avenue and 21-23 Catherine Street (Credit: Google Maps)

Pair of Bronx multifamily buildings leads New York’s mid-market investment deals

Commercial real estate investment could take a hit as investors pull back amid market volatility. (Credit: iStock)

How will coronavirus affect global CRE deal volume?

1115 Broadway, RXR Realty's Scott Rechler, 2413 Third Avenue and 9 Bruckner Boulevard in the Bronx (Credit: Getty Images; Google Maps)

Flatiron office building leads New York’s mid-market investment sales

150-152 East 79th Street (Credit: Google Maps)

HFZ assemblage play leads New York’s mid-market investment sales

Clockwise from top left: 136-18 Maple Avenue in Flushing, 109 Avenue A and 47-49 West 39th Street (Credit: Google Maps)

Flushing vacant lot leads New York’s mid-market investment sales

1515 Grand Concourse and 16 East 82nd Street (Credit: Google Maps, 16 East 82nd Street by Duplex NYC via Leslie J. Garfield)

Bronx multifamily deal leads New York’s mid-market investment sales

69-75 Fourth Avenue (Credit: Google Maps)

Park Slope mixed-use property marks lone mid-market transaction this week

Clockwise from top left: 255 East 18th Street, 27-34 Jackson Avenue, 925 Prospect Place, 343 East 17th Street and 311 First Avenue (Credit: Google Maps)

Gramercy Park dev site leads New York’s mid-market investment sales