The Real Deal New York

These were the 10 biggest Queens deals during the third quarter

The largest was the $56M sale of a commercial building in Jackson Heights
By Eddie Small | October 26, 2018 03:00PM

From left: 137-31 45th Avenue, 11-01 43rd Avenue, and 82-11 37th Avenue (Credit: Google Maps)

Astoria and Long Island City may get most of the attention, but the largest Queens deal during the third quarter was in Jackson Heights.

RockFarmer Properties’ $55.9 million buy of a retail-and-office building 82-11 37th Avenue took the top spot on last quarter’s list, according to data from Real Capital Analytics. Other notable deals included Merchants Hospitality’s purchase of the Z NYC Hotel in Long Island City and the Hakimian Organization’s purchase of a Woodside development site.

No specific property type dominated last quarter’s list. Rather, the deals were split between one office property, two hotels, one senior housing property, two apartment buildings, one self-storage property, one retail site, one development site and one industrial site.

The deals were worth about $308.7 million overall. This was a huge decline from the second quarter, when they were worth about $1 billion overall and included multiple deals for more than $100 million. The top deals during the first quarter were worth about $358.4 million, while the top deals during last year’s third quarter were worth about $307.8 million.

The full list of Queens’ top 10 deals for the third quarter is below:

1. 82-11 37th Avenue, $55.9 million

Buyer: RockFarmer, RWN Real Estate Partners

Seller: Carlo Cinganelli

The largest Queens deal during the third quarter was the roughly $56 million sale of this Jackson Heights retail-and-office building in August. RockFarmer Properties and RWN Real Estate Partners purchased the nine-story, 128,000-square-foot building from Carlo Cinganelli in an off-market deal. The two companies plan to rebrand and reposition the property.

2. 137-31 45th Avenue, approximately $50 million

Buyer: EastOne Capital

Seller: New York Armenian Home Inc.

EastOne Capital closed on its deal for Flushing’s New York Armenian Home in July. The home for elderly Armenians contains 79 units and had been operating for decades. The Board of Directors agreed to sell the building to Eastone two years ago and discharged its last residents in April as it prepared to close and relocate the facility, according to the Armenian Mirror-Spectator.

3. 11-01 43rd Avenue, approximately $43 million

Buyer: Merchants Hospitality

Seller: Estate of Henry Zilberman

Merchants Hospitality bought the Z NYC Hotel in Long Island City for $43 million in August. The property contains 100 rooms, and the purchase includes land behind the hotel where Merchants could put an additional 109-unit building. Henry Zilberman died in 2014 and had initially bought the land for his fleet of taxis, but he decided to build a hotel instead based on how Long Island City was developing.

4. 144-10 135th Avenue, approximately $39.7 million

Buyer: ASAP International

Seller: Magna Hospitality Group

Magna Hospitality Group sold its JFK Airport Hampton Inn to ASAP International for about $40 million in July. The hotel was built in 2001 and has 216 rooms, and Magna had purchased it in 2014 for $41.4 million.

5. 72-01 to 72-17 Queens Boulevard, $33 million

Buyer: Gorjian Real Estate Group, Hakimian Organization, Imagine Capital Group, CH Capital Group

Seller: Piermont Properties

The Hakimian Organization and its partners purchased this Woodside development site in September for $33 million. It includes about 300,000 buildable square feet, and the prior owner Piermont Properties had put the site on the market more than three years ago for $45 million. The companies plan on building a mixed-use project at the site with more than 400 residential units, split between market rate and affordable, along with retail and parking space.

6. 109-09 180th Street, $26.5 million

Buyer: Prime Storage Group

Seller: Cayre Investments, KLCC Investments

Prime Storage Group purchased this self-storage site from Cayre and KLCC Investments in August for $26.5 million. It spans about 106,000 square feet and previously was a location for Treasure Island Storage. Cayre Equities bought the site in 2005 for $6.5 million.

7. 2944 Beach Channel Drive, approximately $19.1 million

Buyer: Coney Island Realty

Seller: Frisben Realty

Coney Island Realty bought this Far Rockaway residential building in August from Frisben Realty for about $19.1 million. The property, built in 1959, contains 107 units.

8. 92-25 160th Street, approximately $19 million

Buyer: Shorewood Real Estate Group LLC

Seller: Nissam Kassab

Shorewood purchased this Jamaica development site from Nissam Kassab in August for about $19 million. The property spans about 30,000 square feet.

9. 37-02 10th Street, $11.5 million

Buyer: Dun Zhang

Seller: 10th Street Realty LLC

Dun Zhang bought this Long Island City industrial property in July for $11.5 million. It spans about 20,000 square feet and was built in 1931.

10.23-05 29th Street, approximately $11 million

Buyer: Rey J. Nieto

Seller: Ilias Thedoropoulos

Developer Ilias Thedoropoulos sold this four-story mixed-use Astoria building for $11 million. The property, which was built in 1928, contains 18 apartments and five commercial units, and Thedoropoulos sold it to investor Rey Nieto.