Tag Archives: Real Estate

Ridgewood to get 17-story mixed-use building on St. Nicholas Avenue


| agiudice@ridgewoodtimes.com

Rendering courtesy of AB Capstone

Plans for a large scale 17-story mixed-use building in the heart of Ridgewood have been filed with the Department of Buildings (DOB), according to Community Board 5 (CB 5).

The mixed retail and residential building will encompass the footprint of the sites at 54-27 Myrtle Ave. and 336 and 350 St. Nicholas Ave. At 17 stories, it will dwarf the surrounding buildings.

According to the plans filed earlier this month, there will be two retail spaces within the mixed-use structure, as well as several office spaces.

The site will have 129 residential units, according to Meir Babaev, of developer AB Capstone, owner of the properties.

“We are not quite certain yet regarding the percentage of units that will or will not be affordable. This will depend on the mayor’s office,” Babaev said.

AB Capstone purchased the sites last year and has set aside 87,441 square feet of space for the residential portion of the building; 88,598 square feet for the commercial aspects; and 3,265 square feet for an as-of-yet undefined community facility. This will total a square footage of 179,304 square feet, according to plans.

Babaev also confirmed that the site will have “below-grade attended parking.”

For future residents who depend on public transportation, the development site is located a block from the L and M Myrtle-Wyckoff Avenues subway station, and is near the B13, B26, B52, B54, Q55 and Q58 buses.

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Burlington Coat Factory to open in Jamaica


By Queens Courier Staff | editorial@queenscourier.com

Photo via Flickr Creative Commons/Scott Schrantz

BY KIRSTEN E. PAULSON

Burlington Coat Factory is coming to Jamaica, and it’s going to be huge.

The national clothing retail chain will be opening a store in a 150,000-square-foot planned retail complex located on Jamaica Avenue between Union Hall and 160th streets, according to published reports.

The store will take up 70,000 square feet and will spread across all three buildings, including parts of the second, third and fourth floors.

According to DNAinfo, the buildings in question include the former headquarters of the Jamaica Savings Bank, which was located in a landmarked Beaux-Arts building; another historic building constructed in 1927; and a building that has been vacant for several years.

The store, which is set to open in the spring of 2017, will join Burlington’s two current Queens locations in Rego Park and Glen Oaks.

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See it: Brick Tudor home with two fireplaces sells for nearly $1.75M in Forest Hills Gardens


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of Terrace Sotheby's International Realty

BY KIRSTEN E. PAULSON

A three-bedroom, 2.5-bathroom Tudor home located at 36 Rockrose Pl. in Forest Hills Gardens has been sold, according to Terrace Sotheby’s International Realty.

Designed by renowned architect Grosvenor Atterbury, this brick home features an enclosed front porch, finished basement, two-car detached garage and fireplaces in both the living room and dining room. The kitchen has been fully renovated and outfitted with custom cabinetry. The backyard includes a patio and a gas line for a barbecue grill, perfect for outdoor entertainment.

The house sold for $1,743,500, approximately $155,000 less than its original asking price of $1,899,000.


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Queens real estate sales drop, but turn bigger profits in recent months: report


| rpozarycki@queenscourier.com

File photo

Reflecting a market gripped by high demand and low supply, real estate sales in Queens decreased slightly but yielded higher prices during the second quarter of 2015, according to a report from broker Cushman & Wakefield.

Approximately 230 properties across the “World’s Borough” changed hands between April and June of this year, a 7 percent drop from the number sold during the first quarter of 2015. Even so, the aggregate sales consideration this quarter — the volume of money exchanged in real estate transactions — reached $835 million, an 8 percent increase from the first quarter.

Cushman & Wakefield described the first six months of 2015 as the second-highest dollar volume the Queens real estate market has seen within the first half of any year, with $1.6 billion in real estate sales generated.

“[At $313 million], development sites accounted for 20 percent of all dollar volume,” the report indicated, “followed by retail properties, with $259 million accounting for 16 percent of the total dollar volume.”

The average price for all types of real estate sold in Queens was $3.4 million, an 18 percent jump from the first half of 2014.

Queens’ strong real estate numbers were evident of a continued upward trend in New York City’s real estate market. According to the report, $37.8 billion in sales activity took place through June, and the city is “on pace to exceed the previous cycle’s high established in 2007.”

“The first half of 2015 will go down as one of the best six-month periods in the city’s history,” said Adrian Mercado, Cushman & Wakefield managing director of research. “All submarkets and property types are firing on all cylinders with market activity outpacing our year-end forecasts.”

Cushman & Wakefield catalogued 141 sales in Queens in which properties were sold for $1 million or more during the second quarter of 2015, accounting for 61.3 percent of real estate transactions during the period.

Among the most lucrative deals were the $71 million sale of an office building at 33-00 Northern Blvd. in Long Island City; a $4.35 million sale of a 23-unit lot of apartment buildings at 1705-1725 Putnam Ave. in Ridgewood; a $72.25 million sale of a 144-unit apartment building at 11-15 Broadway/30-50 21st St. in Astoria; and a $8.8 million sale of a 43,800-square-foot industrial building at 72-42 60th Lane in Glendale.

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In Bayside, activists call to keep unwanted ads away from homes


| rpozarycki@queenscourier.com

HouseForSaleH0708_M_150_B_R

Community activists gathered outside state Senator Tony Avella’s office Thursday afternoon to call for an extension of the state’s “cease-and-desist” law, which empowers Queens homeowners to prohibit unwanted solicitations from real estate brokers.

The original law, which expired in August 2014, allowed homeowners to register with New York’s Department of State on a list banning brokers from sending advertisements to the registered addresses.

Once the law expired, Avella stated, local property owners became inundated with “predatory real estate solicitations.” During the most recent legislative session, he introduced a bill extending the cease-and-desist law and strengthening it by expediting the registration process for homeowners. The bill would also designate Queens as a “non-solicitation zone” and double its length of protection to 10 years.

“These aren’t just nuisance fliers, but an aggressive campaign to bully homeowners into thinking it’s time to sell, and time to sell low,” Avella said. “We must bring back the common-sense law that expired last year and pass my real estate ‘cease-and-desist’ legislation.”

Numerous civic activists in the area demonstrated their support for the legislation at Thursday’s press conference.

“Sometimes, the [brokers] are particularly aggressive and call or even visit the homeowners repeatedly to try to broker a deal,” Henry Euler of the Auburndale Improvement Association said. “The ads often promise that the homeowners can get huge amounts of money for their homes and give examples of homes in the neighborhood and what they are selling for or have sold for recently.”

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See it: Jamaica Estates home with sauna and steam room selling for nearly $1.6M


By Queens Courier Staff | editorial@queenscourier.com

Photos courtesy of MLSLI/Douglas Elliman Real Estate

BY KIRSTEN E. PAULSON

Who needs to visit the spa when there’s one right in the house?

For an asking price of approximately $1.6 million, future residents of 184-53 Cambridge Rd. in Jamaica Estates will have everything they need to pamper themselves on a whim. The basement of this three-bedroom, two-bathroom home comes with not only a Jacuzzi, but also a sauna and a steam room. A wet bar and spacious sitting area on the same floor would make it the ideal place to host spa parties.

The upper floors of the house are equally luxurious and suited to an owner who loves to have lots of company. An eat-in kitchen with attached dining area and a living room warmed by a marble gas fireplace are perfect for hosting winter parties, while the large outdoor sun deck and enormous grassy backyard are great spots for summer get-togethers.

This house also features an office, a laundry room, an in-ground sprinkler system and a detached garage.

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College Point industrial and office building selling for $4.4M


By Queens Courier Staff | editorial@queenscourier.com

Courtesy  of PropertyShark/Scott Bintner

BY KIRSTEN E. PAULSON

A 21,058-square-foot corner building located at 14-29 112th St. in College Point is selling for $4.4 million, according to an announcement by real estate firm Cushman & Wakefield.

The industrial and office building is located on a 35,060-square-foot lot and was formerly the site of a medical facility with light industrial activity. The facility will be closing up shop and leaving the premises within the year.

The site is described as ideal for an owner-user. Stephen Preuss, executive director of Cushman & Wakefield, said, “The most common buyers are owner-users — people who will purchase the property and use it for their own business. There’s a lack of usable industrial and warehouse property because a lot of land in Queens is now taken up by residential development sites. Owner-users are the most interested and the most aggressive parties looking at this property.”

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Former LIC auto shop sells for $4.27M


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of PropertyShark/Scott Bintner

BY KIRSTEN E. PAULSON

An 8,540-square-foot warehouse in Long Island City has sold for $4,270,000, according to an announcement by John Horowitz of Marcus & Millichap, a commercial real estate investment services firm.

The warehouse, which is located at 38-04 11th St. and sits on a lot with 42,700 square feet of buildable land, was formerly the site of an auto shop; however, the warehouse is currently vacant.

“The sale of 38-04 11th St. at $100 per buildable square foot marks a price record for a commercially zoned redevelopment opportunity in the industrial section of northern Long Island City. The property’s buyer plans to redevelop the existing warehouse into a hotel,” according to Jakub Nowak, one of the agents who marketed and secured the sale of the property.

The buyer has been identified as Alec Shtromandel, who is currently building a 34-room hotel at 489 Baltic Street in Brooklyn that he also purchased from Marcus and Millichap last year.

Apart from demolition permits, no plans have been filed or released for the site.

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Former Glendale auto body shop sold for $2.4 million


| agiudice@ridgewoodtimes.com

Photo courtesy Right Time Realty

The site of the former Central Automotive and Collision Services in Glendale has been sold for $2.4 million in an all-cash, off-market transaction.

The former auto body shop sits on 12,000 square feet of land at 64-25 Central Ave. and 70-36 64th Pl., and will be renovated by the new owners, identified as Greenpoint-based R King Windows, and made available for rent or leased to several retail stores in the coming months.

Right Time Realty, the brokers that handled the Atlas Terminals sale to Broadway Stages, facilitated this deal and will handle the renting or leasing of the retail spaces once they are ready for use, to Joe Ibrahim, Right Time Realty’s president.

It is not yet known how many retail spaces will be constructed on the site, how large each space will be, or what industries will be interested in renting or leasing out each space.

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Luxury apartment building above Rego Center now available for leasing


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of Cahn Communications

BY KIRSTEN E. PAULSON

The Alexander at Rego Center, a new luxury rental building located at 61-55 Junction Blvd. in Rego Park, is now available for leasing and immediate occupancy.

The new building has 312 residential units ranging from studios to one- and two-bedroom apartments. The luxurious interior design includes 9-foot ceilings, white oak flooring, Caesarstone quartz countertops and Italian porcelain tiles in bathrooms and kitchens, and Whirlpool stainless steel appliances. Rents start from $2,045 for a studio, $2,455 for a one-bedroom apartment, and $3,130 for a two-bedroom apartment.

The building’s amenities are designed to provide opportunities for plenty of recreational and social activity, and include a fitness center, a game room and lounge with a kitchen and fireplace, indoor and outdoor children’s playgrounds, and an outdoor terrace with seating, cabanas and a barbecue area. The building also includes onsite parking and bike storage. Pets are allowed.

The Alexander rises 27 stories above Rego Center, putting it in close proximity to a wide variety of shopping and dining options. It is also located within walking distance of the 63rd Drive station on the M and R subway lines, as well as the Long Island Expressway.

“We’re very excited to introduce The Alexander to the Rego Park community,” said Geoff Smith, vice president of development for Vornado Realty Trust. “This vibrant, family-friendly area has a strong sense of community and is bustling with retail, dining and recreational activities. We believe The Alexander is a perfect complement to the area, and one that will attract both existing and new residents who are drawn to Rego Park’s attributes and desire a more modern, amenity-rich lifestyle.”


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See it: Malba home with saltwater pool selling for nearly $4.2M


By Queens Courier Staff | editorial@queenscourier.com

2750048-15

BY KIRSTEN E. PAULSON

For nearly $4.2 million, potential residents of the four-bedroom, four-bathroom house at 4 Point Crescent, in Malba, can enjoy picturesque views of the East River and the Whitestone Bridge.

This eight-room home, listed by Douglas Elliman Real Estate, features two eat-in kitchens, one on the first floor accompanied by a formal dining room, and one in the basement. The basement itself is spacious and ideal for a family room or den, and includes office space and a laundry room. A second family room on the first floor comes with a gas fireplace, making it a cozy place for a family to gather in the wintertime.

During the summer, residents can cool off with the in-ground saltwater pool. For those who like to swim during cooler weather, the pool can be heated.

2750048-624x415

This house also features a detached three-car garage, an in-ground sprinkler system, and a backyard patio.


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Flushing Met Food Market to close after July 26


By Queens Courier Staff | editorial@queenscourier.com

THE COURIER/Photo by  Kirsten E. Paulson

BY KIRSTEN E. PAULSON

The Met Food market in Flushing will be closing its doors after Sunday, July 26, to make way for a new development.

After more than 30 years of operation, the independently owned neighborhood grocery store, located at 41-62 Bowne St., is shutting down following a decision by owners Abel and Ahmed Saleh to sell the property.

In an interview, store manager Ziyad Saleh said the property has been purchased by a number of investors who plan to raze the building and existing foundation, which cannot support more than two stories. The property’s new owners plan to build a new foundation for a new, taller building.

However, that’s just about the only thing that’s certain about the future of the site. Rumors and speculation abound about what’s coming to the neighborhood next; many suspect the new structure will be an apartment building or condominium, while others believe it will become a new grocery store stocked with items to attract customers from the neighborhood’s expanding Asian population.

The latter speculation might have some grain of truth to it. In the same interview, Saleh mentioned that he had heard that the investors who purchased the property have discussed the possibility of putting another brand-name supermarket on the ground level of the building once construction has been completed.

“Nobody knows [what it will be] yet. It’s still early,” Saleh said.

Reactions to news of the store’s closure have been mixed, and range from acceptance and resignation to shock and sadness. Numerous shoppers, particularly the elderly and those with physical disabilities, expressed concerns and worries about how they would be able to do their monthly shopping after the store closes.

This particular Met Food was the only store in the area that offered home deliveries on purchases of $25 or more, making it an ideal place to shop for people unable to drive or carry heavy bags.

Several patrons interviewed at the store said that they had been shopping there for more than 20 years. For them, the store’s closing is the end of an era.

“It’s gonna be missed,” Saleh said, echoing the same sentiment expressed by customers.

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Co-working company to open space in Astoria: report


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy PropertyShark/Ed Fahoury

A co-working company that has locations throughout the nation and around the world has set its eye on Queens for its next home, according to a published report.

WeWork, which provides individuals and groups with work space, community and services, has leased a 60,000-square-foot space at 35-37 36th St. in Astoria, the Commercial Observer reported.

The space, which has been reportedly leased for 15 years and is expected to open by early 2016, is located at Studio Square, which is also home to the Studio Square beer garden and Miami Ad School.

The six-story building is owned by the Vanbarton Group, which bought it last June for $29.2 million.

WeWork is also reportedly looking to lease locations in Long Island City.

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Long Island City apartment building sells for nearly $2.5M


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of PropertyShark/Scott Bintner

BY KIRSTEN E. PAULSON

Long Island City has yet another multi-million dollar real estate deal.

The building located at 34-27 37th St. has sold for nearly $2.5 million, according to commercial real estate investment firm Marcus & Millichap.

Investment specialists Matthew Fotis, Zachary Golub and Lazarus Apostolidis were responsible for arranging the sale of the eight-unit apartment property on behalf of a private investor, as well as securing and representing the buyer, also a private investor.

“The building shows increased interest in the western Queens residential market. As the rental market increases, investors project more aggressive future rents,” Fotis said.

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Abandoned Maspeth gas station to become mixed-use facility


| agiudice@ridgewoodtimes.com

RIDGEWOOD TIMES/Photo by Anthony Giudice

Updated July 23, 10:20 a.m.

Rumors have surfaced about plans to erect a two-story, mixed-use building on the site of a long-unused gas station in Maspeth.

The speculation floated on local Facebook pages noted that the proposed building at 58-60 Brown Pl. would be 11,000 square feet in size, including 5,500 square feet of retail space on the first floor with a healthcare facility located on the second floor.

According to Community Board 5 (CB 5), the triangular piece of land was once a gas station and currently has a commercial overlay of C1-3, which would allow the construction of a commercial building on the site. The rumored retail space/healthcare facility would fall within the parameters of the overlay.

Plans posted on the Department of Buildings website, filed on July 14, call for the construction f a two-story “commercial and community facility building” encompassing more than 10,996 square feet. These plans were filed under the address 58-38 69th St., which shares the block and lot with 58-60 Brown Pl.

Between 1991 and 2006, the vacant gas station racked up seven building code violations, with most of them concerning the illegal use of the open lot where individuals would sell furniture, according to the city Department of Buildings. The open lot has since been fenced in to avoid any further illegal activity taking place there.

CB 5 has yet to receive any demolition notices for the site.

Editor’s note: An earlier version noted that the latest plans for the site on the Department of Buildings online database dated back to 2010. We regret any confusion which may have resulted.

 

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