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Author Topic: Recent sale of commercial building in Jackson Heights  (Read 810 times)

Offline JHMNY

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Recent sale of commercial building in Jackson Heights
« on: April 05, 2018, 11:08:30 AM »
From Real Estate Weekly:

Bangladeshi investor pushes Jackson Heights pricing to new peak

A single-story commercial building in Jackson Heights sold for $16 million last week, setting a new price-per-square foot record for the neighborhood and, possibly, raising the bar for would-be sellers.

Fazlur Khan, a Bangladeshi investor, purchased a 8,565 s/f building on the corner of 37th Avenue and 75th Street for $1,868 per built square foot. Retail tenants include a Bengali restaurant, a halal meat market, an Afghan grill, a Nepalese eatery and a discount home goods store.

Ami Efrati, whose brokerage, Entrepreneur Properties, represented the buyer, said the transaction price came as something of a surprise to him because the property would be difficult to redevelop and it carries a cap rate of slightly more than three percent.

“Normally, if someone is paying a three-cap or even a four-cap, they’re either redeveloping or they have a triple A tenant, a CVS or something similar,” he said. “You don’t have either of those things in this situation.”

Khan could add a story or two of apartments on top of the existing building to make use of its full, 34,000 s/f of development rights. However, Efrati said, on-site parking requirements would make that extremely costly and all of the tenants have multiple years remaining on their leases.

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