Top 5 Retail Building Sales—July 2020
- Aug 29, 2020
Source: PropertyShark, a Yardi Systems Inc. company
- 61-15 Metropolitan Ave., Queens
Sale Price: $17,000,000
A private trust acting through an entity affiliated with Rosenthal & Rosenthal acquired the one-story, 13,482-square-foot commercial building and an additional lot on Pond Road. The new owner also assumed an existing $8 million loan, originated in 2013 by Lincoln Life & Annuity Co. of New York. The financing, which covers the retail property and the vacant lot, carries a 4.48 percent interest rate and is scheduled to mature in August 2023. The two combined lots have a buildable area of some 63,000 square feet.
- 82-10 Baxter Ave., Queens
Sale Price: $15,000,000
The 24,000-square-foot, one-story property changed hands in early July—the buyer financed the acquisition with three separate loans. Bank of Hope provided an $8.6 million first mortgage, while the New York Business Development Corp. originated a $4.8 million subordinate loan, followed by an SBA mortgage provided by the Empire State Certified Development Corp. in the amount of $4.9 million. Situated on a 2.5-acre site in Elmhurst, the building was constructed in 1999 and features 12,000 square feet of retail and 12,000 square feet of storage space.
- 2533-2541 Broadway, Queens
Sale Price: $9,750,000
An entity affiliated with Block Management acquired the 10,000-square-foot commercial building in South Astoria. Located on 2.5 acres on the corner of Broadway and 29th Street, the small retail asset was constructed in 1948. The closest subway station is on the 31st Street & Broadway at NW Corner. Tenants at the property include Joy Dental and Sac’s Pizza Place.
- 5701 Foster Ave., Brooklyn
Sale Price: $7,200,000
A private investor purchased the 31,800-square-foot property located in East Flatbush. Completed in 1960, the building is situated on an 8.2-acre site between Foster Avenue and Preston Court. The buyer financed the deal with $4.7 million in acquisition financing from Cross River Bank, which carries a 6.67 percent interest rate and a June 2030 maturity date. Subsequently, the new owner took an $8.5 million, subordinate loan from Lincoln Capital Management, which carries the same terms as the first mortgage.
- 219-14 Merrick Blvd., Queens
Sale Price: $6,900,000
An entity affiliated with Slope Realty sold the one-story retail property encompassing 13,905 square feet to a private limited company connected to Anthos Properties. The new owner received $4.1 million in acquisition financing from TD Bank. The permanent loan carries a 6.67 percent interest rate and is scheduled to mature in July 2030. Located on a 10-acre site, the commercial building was completed in 1999 and houses a Walgreens store.