The five-story 94-foot by 89-foot property at the northeastcorner of 92nd St. and 37th Ave. contains 46 units--three studios,35 one-bedrooms and seven two-bedrooms--and six stores overapproximately 41,830 sf. The building is two blocks from RooseveltAvenue and Junction Boulevard near shopping and the 7 subwayline.
Massey Knakal broker Swain Weiner tells GlobeSt.com that thebuyer is Queens-based investor, Clearview LLC. He explains thatClearview was attracted to the combination of retail andresidential "in a thriving area of Jackson Heights." The seller henotes, is Blue Star LLC, and is selling the property because "he isan active investor."
The transaction, which Weiner says had more than 20 offers,occurred at a capitalization rate of 7.06%. The property sold for$184.08 per sf. He notes that the property is a "great piece in anarea that only grows in population. The buyers will work onimprovements in the building and subtely increase the top linerevenue stream."
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