Malachite Services Buys Jackson Heights, Queens Retail Building
The Long Island-based real estate firm acquired the 16,348 square-foot building for $7 million.
NEW YORK CITY—Malachite Services, LLC purchased a retail building at 84-02 Roosevelt Ave. in Jackson Heights, Queens. The Long Island-based real estate acquisition, development, leasing and management company bought the 16,348 square-foot building which has up to 35,000 buildable square-feet for $7 million from LDG Associates, LLC, a company owned by Charles Xiaoqing Guo.
The single-story property has 8,730 square feet of ground floor retail space. It is a block-through building with frontages on Roosevelt Ave. and Gleane St. In addition, it has a basement level.
“The property’s ideal location and development potential made it an exceptional opportunity for the buyer,” says Stephen Preuss, of Cushman & Wakefield who led the marketing efforts. “With its proximity to 82nd St. the property is near one of the strongest retail corridors in Queens.”
The brokerage firm also points out that the investor can take advantage of the 421-a program, which aims to encourage development of underutilized or unused land by providing a tax break for a limited time period. The exemption gives owners a 100% exemption from any increases in their property taxes for the first two years and then taxes are increased by 20% of the normal tax rate every two years for another eight years.
The property is situated in R6 zoning which is generally for built-up, medium density areas in Brooklyn, Queens and the Bronx. It also is in C-1 zoning, which indicates a commercial district that is primarily residential.
Preuss tells GlobeSt.com that the site’s close proximity to public transportation, being alongside the 7 train was one of the factors in the sale.
The seller Guo had purchased the building which was constructed in 1938 from Wallace Realty Associates for approximately $5.7 million in April 2015, according to Real Capital Analytics.