"There were numerous bidders for this very desirable propertyand the marketing process lasted less than two months," says MasseyKnakal broker Jeffrey Shalom in a release. Shalom, who exclusivelyrepresented the seller, adds that despite the low initial returnoffered because of the lease in place, "the buyer is lookingforward to eventually leasing the building to a highly-rated tenantfor the full market rent that this location can generate."

Also known as 8513-23 Bay Pkwy., the property is located on thenortheast corner of 86th Street and Bay Parkway. A branch of TDBank, formerly Commerce Bank, is directly across the street, andthere are bus stops directly in front of the building on eachcorner as well as stairs to the elevated subway.

The two floors make up approximately 9,900 square feet with 55feet of frontage on 86th St. and 90 feet of frontage on BayParkway. The sales price represented $505.05 per square foot, therelease states. Massey Knakal Realty Services was the sole brokerin this transaction.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.