Massey Knakal Sells The Trylon Portfolio In Rego Park
The Trylon Portfolio, a retail/office building at 98-69/83 Queens Boulevard, encompassing the entire city block bordered by Queens Boulevard, 66th Avenue, and 99th Street in the Rego Park section of Queens, was sold in an all-cash transaction valued at $9,000,000.
The building contains approximately 25,664 square feet, with 273 feet of frontage on Queens Boulevard, 200.58 feet on 66th Avenue, and 200 feet on 99th Street. There are a total of 24 units with approximately 20,322 square feet of retail and 2,867 square feet of office space situated on four contiguous lots totaling approximately 21,472 square feet. The entire portfolio is situated in a R7-1/C1-2 zoning district, where as the maximum allowable FAR is 4.0 (residential) and 2.0 (commercial), which allows for approximately 60,000 square feet of residential air rights. The portfolio was delivered as-is to a local investor, and the sale price equates to approximately $351 per square foot.
“Due to the high visibility and frontage on Queens Boulevard, along with our extensive marketing capabilities, we were able to achieve a final price that exceed our asking price by approximately $1.2 million,” said Massey Knakal Partner Thomas Donovan, who exclusively handled this transaction with CEO Paul J. Massey, Jr.
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.