Updated 4:57 p.m.
Buying a building on Bayside’s Bell Boulevard cost the area’s newest property owner a record-setting bundle.
Cushman & Wakefield announced on Monday it brokered a $4 million all-cash deal for 41-19 Bell Blvd., a single-story building currently leased to Lucille Roberts gym.
Measuring a total of 4,648 square feet, the new owner– AB Capstone– paid $860.59 per square foot, which the broker called a new record for the area.
The building is located in the heart of a bustling retail area and within walking distance of the Bayside Long Island Rail Road station. Its commercial and residential zoning allows for the owner to build up to 11,426 square feet on the site.
“Bayside has been generating a lot of attention from local and foreign investors looking to capitalize on the upside in the area,” said Stephen R. Preuss of Cushman & Wakefield, who exclusively brokered the deal. “This property has tremendous add-on value with below-market rent and development rights which fueled our marketing and allowed us to procure a buyer at a record-breaking price.”
It’s unknown as of yet whether the new owners plan on altering the property. According to sources, AB Capstone plans to continue Lucille Roberts’ lease.