The Malechite Group Ltd, is in contract to sell their building at 28-18 Steinway Street in Astoria for $12.5 million, according to Manny Malekan, Principal of the Malechite Group. The property is a 24,600 square foot mixed-use office and retail building along Astoria busy Steinway Street and at that price it translates to over $400 per square foot. The property has tenants ranging from a dental practice on the ground floor, to various law offices and a girls academy from Kindergarten. The 4-story building was purchased by Malekan in 2006 for $7.45 million.
According to their website, The Malechite Group owns and operates a vast portfolio of properties in the New York area and across 17 other states in the nation. The buyer at this point has not been identified, but Queensbeans will follow the story and update with any new progress within the TRADED section.