The Real Deal New York

These were the biggest Queens deals of the third quarter

Jamaica’s Ideal Business Center sold for $78M, topping the list
By Eddie Small | October 19, 2017 08:00AM

Clockwise from top: 184-10 Jamaica Avenue, 59-02 Borden Avenue and 226th-228th Streets between 145th Road and 146th Avenue (Credit: Chance Yeh/Pinnacle Realty and Google Maps)

A quartet of industrial sites nabbed the top four spots for the biggest sales in Queens during the third quarter, according to data compiled by Real Capital Analytics.

The $78 million sale of Jamaica’s Ideal Business Center topped the list. It was followed by Home Depot’s $63 million purchase of a Coca-Cola bottling plant in Maspeth. And a pair of industrial sites near JFK Airport that Deutsche Bank’s real estate arm bought for $43.1 million and $33.6 million occupied numbers three and four on the list.

Overall, industrial sites took up five of the top 10 spots on the third quarter’s list, while apartment building sales took up two spots. Retail, hotel and development site sales each claimed a spot.

The sales volume across the entire top 10 totaled about $307.8 million, slightly more than the $296 million recorded in the second quarter. Other major deals included the $25 million sale of the Shirokia Tower at a bankruptcy auction and the $13.2 million purchase of the Queens Motor Inn.

The full list of Queens’ top 10 sales is as follows:

1. Ideal Business Center, $78 million
Buyer: Madison Realty Capital and Artemis Real Estate Partners
Seller: Joe Pirrello
Brokerage: Pinnacle Realty (seller) and Cushman & Wakefield (buyer’s partner) 

Madison Realty Capital went into contract to purchase two buildings at this industrial site at 184-10 Jamaica Avenue in February and then joined with Artemis Real Estate Partners on the $78 million deal in July. The 613,000-square-foot property, which Madison and Artemis plan to renovate, is 75 percent occupied, with tenants including Gotham Greens, Rodless Decorations and French Connection.

2. Coca-Cola Bottling Plant, $63 million
Buyer: Home Depot
Seller: Kaymac Corp
Brokerage: Pinnacle Realty

Home Depot purchased this site at 59-02 Borden Avenue in Maspeth in August. The industrial property spans 202,000 square feet and is currently occupied by a Coca-Cola bottling plant. Its lease will expire in 2020, at which point Home Depot plans to replace it with a newly built store that will be significantly smaller—likely between 100,000 and 130,000 square feet.

3. 145-68 228th Street, $43.1 million
Buyer: RREEF America
Seller: InterCapital Realty Corp
Brokerage: CBRE

RREEF America, the real estate investment management arm of Deutsche Bank, bought this 106,000-square-foot warehouse near JFK Airport for $43.1 million as part of a two-property buy. RREEF purchased the site for renovation, and its estimated development costs are $10 million.

4. H & Friends Freight Inc, approximately $33.6 million
Buyer: RREEF America
Seller: InterCapital Realty Corp
Brokerage: CBRE

The other property in RREEF’s portfolio was right behind 228th Street on the list. The company purchased a 121,400-square-foot site at 145-69 226th Street as well, and it also intends to renovate this space. Combined, the two purchases span two city blocks between 145 Road and 146 Avenue and 226th and 228th Streets.

5. Shirokia Tower, $25 million
Buyer: SH 168 LLC
Seller: Xi Liang Liu
Brokerage: Besen & Associates

This chronically bankrupt residential building at 142-28 38th Avenue in Flushing was sold at auction in September after the owner had filed for Chapter 11 at the site three times in two years.  The 11-story building was built in 2009 and has 23 units with street retail.

6. 13525 Northern Boulevard, approximately $19 million
Buyer: Regent Medical Properties
Seller: Calvary World Mission Church

New Jersey-based real estate management firm Regent Medical Properties bought the Calvary World Mission Church’s Flushing building in August. The company plans to demolish the 31,296-square-foot retail building and replace it with a medical office property spanning about 98,000 square feet.

7. Queens Motor Inn, $13.2 million
Buyer: Chetrit Group and Gadi Ben Hamo
Seller: Queemo Corp
Brokerage: Marcus & Millichap

Gadi Ben Hamo entered into contract for the Queens Motor Inn at 64-11 Queens Boulevard in 2016 and later partnered on the site with the Chetrit Group. He plans to demolish the hotel and replace it with a 120-unit residential building.

8. 31-33 Farrington Street, approximately $11.4 million
Buyer: Shun Kuan Liu
Seller: A&R Lobosco

Queens investor Shun Kuan Liu bought this Flushing industrial site in September. It consists of four buildings that span 22,122 square feet.

9. 89-21 153rd Street, approximately $11 million
Buyer: Zara Realty
Seller: Vincent Ragosta
Brokerage: GFI Realty Services

Zara Realty purchased this Jamaica property in September as part of a two-building deal. The six-story Property On 153rd Street contains 42 units, and Zara plans to renovate it.