Independent Buyer and Seller close on 129-11 18th Avenue for $1.5MM
Seller Mr. Howard Pickett of independent testing labs, sold his industrial building on 18th avenue for $1.5MM to Daniel Beyda owner of Coney Island Auto Parts a Brooklyn based auto parts distributor. The building, located in College Point, Queens is a 2 story 7,700 SF Building. The building was delivered vacant upon closing and the buyer plans to use the building as a distribution center for his current auto parts business.
Mark Munoz of CPEX Real Estate represented the seller and United National Realty represented the buyer. Queensbeans reached out to Mark for a comment. “College Point is a relatively stable market for industrial properties, with the average price per square foot at $250; and the price per square foot of 129-11 at $200 per square foot, you don’t really see a huge increase in pricing year over year which translates into a very strong investment market”.
There has not been major activity for industrial properties in college point alone, but there has been a huge increase in industrial investment activity in Queens as a whole. With Long Island city leading the way in investment activity as well as shortage of supply, investors are looking for alternative neighborhoods to acquire investments assets.