Top 10 investment deals in Queens during the second quarter
The top 10 investment-sales in Queens is very varied. For the second quarter, no type of transaction took up more than three spots on the list. The biggest one of them all, so far, was the acquisition of the Crowne Plaza Hotel for over $58 million. This is according to a study performed by Real Capital Analytics. The list that follows enumerates the top ten deals from most to least expensive.
When put together, these ten transactions sum up almost $300 million, $296 to be precise. Besides, this signifies a huge drop from the numbers of the first quarter. In that period, the transactions totalled almost $423 million. Nevertheless, there was a huge sale on that time frame, for almost $140 million. Fidelis Care acquired the building based at 95-25 Queens Boulevard for that number. No deal on the second quarter came close to that figure. Furthermore, the price for Slate Property Group’s new sale, a former Key Food site, has not been disclosed yet.
1. Crowne Plaza JFK
This building was bought by GFI Capital Resources from Elliott Management. Furthermore, the transaction cost $58.1 million. This is a 330-key hotel that is based at 138-10 135th Avenue, right next to JFK Airport. The purchase occurred in April. GFI hopes the net operating income will experience a boost from last year’s numbers, and the property will be managed by Crescent Hotels and Resorts. The hotel underwent major renovations back in 2012, when Elliott first bought it. It reopened in 2014
2. 43-10 23rd Street
Normandy Real Estate Partners acquired this building for approximately $54 million. The seller was Kassabian Realty LLC. The idea for the site is to turn what now is a warehouse to an office building. It will eventually span 195,000 square feet. However, Normandy purchased a stake and will work with Kassabian in order to renovate the building. The style will be a loft creative office space.
3. Balsam Village
Lawrence Bernstein purchased this building from Bruce Gordon for almost $40 million. The deal was brokered by Jerry Fink Real Estate. Furthermore, this complex includes 270 units distributed over 45 buildings. The area was first developed back in 1975, and the transaction occurred in May.
4. CubeSmart Self Storage
This is a storage facility based at 31-40 Whitestone Expressway. It was sold in June for $28 million and the deal was brokered by Sperry Van Ness. The building spans over 98,000 square feet but neither buyer nor seller were listed by Real Capital Analytics. However, public city records list the New York storage company Storage Deluxe as the buyer and Whitestone Expressway Realty LLC as the seller.
5. Former Key Food
This property was bought by Slate Property Group from the Gross family and the Grobman family. SPG has big plans for the area. They are hoping to construct a rental building containing 170 units at 69-65 Yellowstone Boulevard, in Forest Hills. There is a partnership in place with the two families and Slate Property Group, but the terms of the agreement were not disclosed. Nevertheless, according to reports, this is one of the biggest deal of the quarter. Besides, the final building will span 230,000 square feet and will be 11 stories tall.
6. 21-07 41st Avenue
Himmel + Meringoff Properties are the buyers of this site. They purchased it from Daniel Geoly for $25 million and the deal was brokered by Empire Leasing & Development. The site spans 127,000 square feet and is an office and warehouse space based in Long Island City. The transaction occurred in June. As far as tenants go, embroidery company Penn & Fletcher has a lease there, as Magellan Fine Arts Services. Once the Cornell Tech campus opens on Roosevelt Island, it is likely tech and science tenants will be drawn to the premises.
7. 209-35 Northern Boulevard
Garden Plaza Management purchased this area from Yunhee Chung MD for almost $24.5 million. This is an office building that spans 40,677 square feet and has two stories. The operation closed in June. Besides, the property was first inaugurated back in 1955 and includes street-level retail on its premises.
8. 89-10 Whitney Avenue
Antonio Feggoudakis and Heller Realty were the buyer and seller on this deal, respectively. The deal was brokered by Rosewood Realty and cost over $23 million. This is a rent-stabilized property that contains 96 units over six stories. Heller had purchased it in 2012 for a little over $12 million and sold it last June. The building goes back to 1941.
9. Former Teamsters 2243
Circle F Capital purchased this property from Robert Eaton Building Corp for $23 million. Circle F wants to construct a mixed used building with eleven stories and 71 residential units. The site is based in Jackson Avenue, in Long Island City. Besides, it spans over 74,800 square feet and is just a block away from the 5Pointz development. Once inaugurated, it will feature ground floor retail, a business center, a meeting room and a gymnasium.
10. 30-64 34th Street, $20.5 million
Takis Tsagronis sold this property to Urban American Management Corp for $20.5 million. Marcus & Millichap were the brokers in this case. This property is comprised by two five story buildings that include 70 rent-regulated units. Furthermore, the transaction occurred in May. The properties had belonged to Tsagronis since 2001, but the price for which he bought them back then is unknown. [The Real Deal]