Massey Knakal Sells Mixed-Use Building In Ozone Park
A mixed-use building at 96-25-27 Rockaway Boulevard (96-16 Liberty Avenue), located at the intersection of Rockaway Boulevard and 97th Street in the Ozone Park neighborhood of Queens, was sold in an all-cash transaction valued at $1,450,000.
The three-story building, plus basement, contains approximately 8,600 square feet and sits on a 50’ x 102’ lot. It benefits from frontage on Rockaway Boulevard and Liberty Avenue. It consists of approximately 4,100 square feet of retail space on the first floor with access to both frontages. The second and third floors have a total of four large two or three-bedroom apartments approximately 1,100 square feet each. The sale price equates to approximately $169 per square foot.
The property is located across from a newly constructed over 100,000 square foot shopping center anchored by CVS in a vibrant commercial corridor with heavy foot traffic. Situated alongside the elevated train, several bus and subway options are in the immediate vicinity.
“A first time sale in over 40 years yielded a large amount of interest and a favorable capitalization rate of 8.5%,” said Massey Knakal Director of Sales Stephen R. Preuss, who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.