Queens retail sale tops mid-market deals of the week

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

TRD 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
Bed Bath & Beyond CEO Mark Tritton (Getty)

Pandemic profits buoy Bed Bath & Beyond

Pandemic profits buoy Bed Bath & Beyond
JPMorgan Chase CEO Jamie Dimon (Getty, iStock)

JPMorgan wants to invest $700M building rentals in Sun Belt states

JPMorgan wants to invest $700M building rentals in Sun Belt states
Real estate crowdfunding guru Grant Cardone misled investors, lawsuit charges

Real estate crowdfunding guru Grant Cardone misled investors, lawsuit charges

Real estate crowdfunding guru Grant Cardone misled investors, lawsuit charges
As shopping habits shift toward the digital, some property owners think demanding a portion of retail tenants’ online sales is only fair. (iStock)

Landlords eye taking cut of retailers’ online sales as rent

Landlords eye taking cut of retailers’ online sales as rent
(Getty, iStock)

“25% is a starting point”: Indoor dining returns to NYC today

“25% is a starting point”: Indoor dining returns to NYC today
Arker Companies principal Alex Arker and 51-19 Beach Channel Drive in Edgemere (Arker Companies; Google Maps)

Arker Companies begins massive redevelopment of former Queens hospital

Arker Companies begins massive redevelopment of former Queens hospital
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
arrow_forward_ios

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

Loading...