Massey Knakal Sells Retail Building In Richmond Hill
A retail building at 119-01 Jamaica Avenue, located on the northeast corner of Jamaica Avenue and Lefferts Boulevard in the Richmond Hill neighborhood of Queens, was sold in an all-cash transaction valued at $1,200,000.
The one-story building contains approximately 3,000 square feet and sits on a 40’ x 75’ corner lot. It is configured as three commercial units. Each tenant has their own electric meter, pays real estate tax increases above base years, and is responsible for all of their heating expenses. Additionally, the property has approximately 6,150 square feet of available air rights. The sale price equates to approximately $400 per square foot.
Located at a very busy intersection near many neighborhood amenities and just blocks from the J and Z subway stop and four bus lines, this property is an excellent investment opportunity.
“Retail continues to be a very hot commodity in today’s market and the prime location of this property made it an extremely desirable asset. We received 20 offers in just the first week of marketing but ultimately, one of the existing tenants came through with the strongest offer,” said Massey Knakal Director of Sales Brian J. Sarath, 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.