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]


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