Top 5 Retail Building Sales—February 2021
- Mar 25, 2021
- 826 Madison Ave., Manhattan
Sale Price: $12,500,000
Sprayregen Real Estate Advisors sold the 9,150-square-foot building in Lenox Hill to Benchmark Real Estate Group. The seller also provided the buyer with $6 million in acquisition financing. Completed in 1985, the mixed-use, five-story property features 3,872 square feet of retail, 3,520 square feet of office and 1,760 square feet of residential space. Nearby transportation options include the 6th subway line at the NW corner of Lexington Avenue and 68th Street, as well as the M3 bus station at the intersection of Madison Avenue and East 69th Street.
- 207-02 Northern Blvd., Queens
Sale Price: $9,650,000
An entity affiliated with Parma Tile Mosaic & Marble Co. sold the 14,250-square-foot low-rise property to car dealership Star Auto Sales of Bayside Inc. The one-story retail building was constructed in 1929 on a half-acre lot in Bayside. Featuring one commercial unit, the property is close to transportation options including station line no. 7 at the SE corner of Main Street and Roosevelt Avenue, as well as the Q13 bus line accessible at the Northern Boulevard and Clearview Expressway intersection.
- 762 Eighth Ave., Manhattan
Sale Price: $8,710,000
Developed in 1928, the 22,073-square-foot Midtown retail building is part of New York City-based BLDG Management’s portfolio. The three-story property has served as the home of iconic nightclub Copacabana since 2011. The two-floor space occupied by Copacabana was the club’s fourth location since its opening in 1940. However, after an 80-year run, the nightclub shuttered in May 2020 due to the pandemic, with plans to eventually reopen in a different location in 2021.
- 2431 Grand Concourse, Bronx
Sale Price: $6,750,000
The 9,000-square-foot, completed in 1925, changed hands in early February. The new owner assumed a $3 million loan originated in 2018 by Country Bank, with a maturity date set for 2028. The mortgage is now held by OceanFirst Bank, which acquired Country Bank in early 2020. The loan carries a 5.05 percent interest rate. The two-story asset, located in Fordham, previously traded for $3 million in late 2013.
- 138-33 Jamaica Ave., Queens
Sale Price: $6,500,000
The Briad Group, A New Jersey-based restaurant and hospitality group, sold the 2,678-square-foot Wendy’s location to Mattone Investors, a Queens-based, family-owned and operated company. The 1985-built property is situated on a 0.3-acre site and is subject to a 20-year absolute triple net lease, which features eight, five-year renewal options and a 10 percent rental rate increase every five years throughout the base term. The building is located 0.2 miles from the E subway station and 0.5 miles from the Long Island Railroad.