NYC Retail Property Changes Hands

The 8,730-foot retail building in the Jackson Heights neighborhood of Queens has a development potential of 35,000 square feet and traded for $7 million.
84-02 Roosevelt Ave.

In a $7 million deal, Malachite Services LLC has acquired a retail building in Queens, N.Y., from LDG Associates LLC. The 8,730-square-foot property has a development potential of 35,000 square feet. Cushman & Wakefield arranged the transaction on behalf of the seller.

The block-through, single-story property is located at 84-02 Roosevelt Ave. in Jackson Heights, in a highly-trafficked commercial corridor, with a variety of restaurants and retail. The building is part of the 421a tax exemption program, which reduces property taxes for a set amount of time.

“The property’s ideal location and development potential made it an exceptional opportunity for the buyer,” said Stephen Preuss, senior managing director at Cushman & Wakefield, in prepared remarks. “With its proximity to 82nd Street, the property is near one of the strongest retail corridors in Queens. Also, the investor benefits from the opportunity to take advantage of the newly revived 421-a program.”

Several transit options including the 7, E, F, M and R subway lines are located within close proximity to the building. Last month, in the nearby community of Long Island City, a joint venture sold an industrial building for $72 million.

Image via Google Street View