The Real Deal New York

These were the top 10 biggest Queens deals in the first quarter

The borough has mainly seen a mixture of large residential and office deals
By Eddie Small | May 10, 2017 05:10PM

The biggest real estate sales in Queens for the beginning of 2017 were marked by a healthy balance of office and residential deals, continuing last year’s trend.

Health insurer Fidelis Care’s roughly $140 million purchase of the office building at 95-25 Queens Blvd. from the LeFrak Organization was the biggest deal of the first quarter by far, with a total cost higher than the number two and three deals in Queens combined. The trade for the 358,000-square-foot property closed on March 28.

The largest residential sale of the first quarter — and the third largest sale throughout Queens — was Karan Singh’s purchase of a high rise at 71-11 37th Ave. for $31.5 million, while the borough’s second largest sale was Metropolitan Retail Associates’ $55 million purchase of the Mastil Bros Building, a warehouse property in Long Island City.

Although the Fidelis Care deal took place in Rego Park, Long Island City and Flushing have proven to be the most popular areas in the borough so far for major deals. Three of the major deals took place in Flushing, while four took place in Long Island City. The deals in Long Island City were largely commercial, while those in Flushing were mostly residential.

Check out the full list of the 10 biggest Queens sales in the first quarter below:

1. 95-25 Queens Blvd, $139.9 million
Buyer: Fidelis Care
Seller: LeFrak Organization
The biggest deal in Queens during the first quarter of 2017 by a long shot was the LeFrak Organization’s roughly $140 million sale of its 11-story office building in Rego Park to Fidelis Care, a health insurer and tenant in the building. Other tenants include Lobster House, New York Life and Capital One. The sale is believed to be part of a 1031 exchange, as the LeFrak Organization is purchasing the Affina Dumont Hotel in Manhattan for about $120 million.

2. Mastil Bros Building, $55 million
Buyer: Metropolitan Realty Associates, TIAA
Seller: Ellice Matsil
Brokerage: Kalmon Dolgin
Metropolitan Realty Associates purchased this 256,000-square-foot industrial building at 48-49 35th Street in Long Island City with TIAA. This will be the first time in almost 40 years that the property is changing owners, and it is only about one block away from a 326,000-square-foot warehouse the firms purchased in 2016 for $90 million.

3. 71-11 37th Avenue, $31.5 million
Buyer: Karan Singh
Seller: Benson Company
Brokerage: Rosewood Realty
This building in Jackson Heights was the largest residential sale in Queens during the first quarter of 2017. The high-rise property was built in 1920 and consists of two buildings that are six stories tall and contain 106 units.

4. Summit House and El Dorado, approximately $57.6 million
Buyer: Pinnacle Group
Seller: TreeTop Development
Brokerage: Rosewood
New Jersey-based TreeTop Development sold this pair of neighboring rentals on Sanford Avenue in Flushing just over one year after purchasing them as part of a portfolio of eight properties. The company paid $31.3 million for the two buildings, meaning it made a profit of more than $25 million on the sale. The two buildings span 157,400 square feet and include 181 apartments.

5. 30-12 41st Avenue, $28 million
Buyer: LargaVista
Seller: Leon Kassabian
Brokerage: CBRE
LargeVista Companies, run by Marcello Porcelli, purchased this office building in Long Island City for $28 million in March. LargeVista also owns the adjacent building at 29-42 Northern Blvd., and tenants in the 41st Avenue building include Helen Uffner Vintage Clothing, UADC and Dakota Jackson Inc.

6. 136-04 Cherry Avenue, approximately $26 million
Buyer: Pinnacle Group
Seller: Park Sonoda
Joel Wiener’s Pinnacle Group purchased this rent-stabilized building in Flushing in February, which contains 81 Apartments And Retail On The Street level. The company is known for converting rent controlled apartments into market rate apartments and has made several recent building purchases in Flushing.

7. 36-02 35th Avenue, approximately $24 million
Buyer: Wharton Equity Partners
Seller: 36-02 35th Avenue Development LLC
Wharton purchased this office building in Long Island City at the beginning of 2017 for about $24 million. The four-story property was renovated in 2004, and tenants include Padania Wines, New Age Contractors, Communitek Video Systems and Dynasty Realty Estate.

8. 35-01 36th Street, approximately $24 million
Buyer: Wharton Equity Partners
Seller: Larry Cerullo and Steve Tallides
Brokerage: Pinnacle Realty/Meridian Capital
Wharton purchased this office property in Long Island City for roughly $24 million at the beginning of 2017 as well. The building, a former factory, houses the restaurant Tacuba Cantina Mexicana, and the sale includes 33,600 square feet of air rights.

9. 188-30 87th Dr., approximately $20.9 million
Buyer: MCR Associates
Seller: A&E Real Estate
Brokerage: Rosewood
A&E sold this 96-unit high rise in Jamaica to MCR for about $21 million in March. The building is six stories tall and was previously sold in December 2013 for $12.7 million.

10. 111-16 Astoria Blvd., $16 million
Buyer: The New York School Construction Authority
Seller: Anthony Colletti
The city government agency purchased this roughly 37,000-square-foot development site in Flushing from Anthony Colletti in January.