Queens retail sale tops mid-market deals of the week

Deals in outer boroughs included Elmhurst shopping center, Bronx apartment building

New York /
Aug.August 05, 2020 11:45 AM
82-10 Baxter Avenue and 3111 Heath Avenue (Google Maps)

82-10 Baxter Avenue and 3111 Heath Avenue (Google Maps)

Just two properties traded for between $10 million and $30 million in the week ending July 31.

A one-story retail building in Queens sold for triple its purchase price more than 15 years ago, and a multifamily property sold for 54 percent more than it did six years ago.

The week’s two sales marks a 50 percent drop in trades from the previous week, but activity is still up from a near halt between March and May, when the city was largely shut down.

1. A 24,000-square-foot retail building at 82-10 Baxter Avenue in Elmhurst, Queens, was sold for $15 million by Barrington Holding Corp. — which purchased it in 2004 at $4.3 million — to Mohammad Mujalli via 82-10 Baxter LLC. The one-story property contains six retail units including a Foodtown grocery store, laundromat, bar, bakery, hair salon and deli. Barrington CEO Chandra Nisthalal signed the sales documents.

2. Family-owned Bilynn Realty sold a 60,295-square-foot multifamily building located at 3111 Heath Avenue, Bronx, for $10.3 million to an anonymous buyer. Bilynn purchased the 65-unit residential building for $6.7 million in 2014, according to public record filings, and operates in New York City and Tampa Bay.

Contact Orion Jones at [email protected]


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Retailers are falling behind on their rent (Stock, Photo illustration by Priyanka Modi)
These retailers fell behind on rent last year
These retailers fell behind on rent last year
Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)
Dozen deals spell big week for Manhattan investment sales
Dozen deals spell big week for Manhattan investment sales
Equity Group Investments chairman Sam Zell (Getty, iStock)
Office market’s recovery will outpace retail amid “viability” questions, Zell says
Office market’s recovery will outpace retail amid “viability” questions, Zell says
Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
SJP, David Werner buy waterfront Hoboken office, retail property
SJP, David Werner buy waterfront Hoboken office, retail property
SUNY WCC President Belinda Miles and the Cross County Center in Yonkers (Great Ink Communications/Marx Realty)
College leases 40K sf at ex-Sears in Yonkers
College leases 40K sf at ex-Sears in Yonkers
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
Regal at 106 Court Street (Downtown Brooklyn Partnership)
Regal theater on Downtown Brooklyn’s Court Street unexpectedly shuttered
Regal theater on Downtown Brooklyn’s Court Street unexpectedly shuttered
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...