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Queens retail sale tops mid-market deals of the week
Deals in outer boroughs included Elmhurst shopping center, Bronx apartment building
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 orion.jones@therealdeal.com