NEW YORK CITY-Marcus & Millichap Real Estate Investment Services and ERG Property Advisors have been retained to market Korea Village, a 76,000-square-foot shopping center at 150-24 Northern Boulevard in Flushing for a foreclosure auction. A $14 million first mortgage on the property from Intervest National Bank will be up for grabs at a foreclosure sale on Friday, September 16 at the Queens County Supreme Court House at 88-11 Suphin Boulevard, Jamaica, NY, room 25.
Adelaide Polsinelli, associate vice president at Marcus & Millichap Real Estate Investment Services, tells GlobeSt.com that the newly-constructed three-story mixed-use property is valued around mid-$30 million mark. “The space is amazing,” she says, noting that the building was constructed in 2006. “You have a caterer on the top floor that does very good business. It is a very vibrant retail center. You are in the heart of the Korean market.”
The commercial/retail building has underground parking of 18,000 square feet for 84 cars and 58,269 square feet of net leaseable space. “The property is almost fully occupied,” says Richard T. Guarino, managing director and founding partner at ERG Property Advisors. He tells GlobeSt.com that the property also has a “tremendous amount of air rights” and a landlord could add a whole other floor. “It is a money-maker. It’s very well-located and the area is very busy.”
Guarino confirms that Emmut Properties LLC purchased the loan in April from First City Financial, who purchased the note from Intervest in June 2010.