Wednesday, March 25, 2015

Big Glendale property sold

From the Observer:

A 94,000-square-foot property in the Glendale section of Queens has sold for $9.18 million to two different buyers, according to Avison Young, the brokerage firm that represented the seller and one of the buyers.

The property at 79-40 Cooper Avenue includes eight lots, a 50,000-square-foot industrial building, two attached residential buildings, two parking lots and vacant land spread over two acres.

The seller of the property was Hansel ‘n Gretel Brand, a deli processor that had been in business for 140 years that has since closed. Hansel ‘n Gretel Brand occupied the industrial building until last year.

Carye & Sons Acquisitions, a family-owned real estate company, bought the majority of the property, including all of the holdings along Cooper Avenue, for around $7 million. This included four lots, a vacant piece of land and the industrial building. Carye & Sons plans to redevelop the industrial property on the site into an 80,000-square-foot self-storage and retail building.

The remaining piece of the property, including a parking lot and two residential dwellings, was sold to an adjacent landowner for $2.2 million. Right Time Realty’s Joe Ibrahim represented the buyer on this transaction. Mr. Ibrahim could not immediately be reached for comment.


Anonymous said...

Right next to the proposed homeless shelter, I guess the retail building will be a check cashing place and a liquor store.

Anonymous said...

storage bin facility and unknown retail. Shelter adjacent.

Our very own mini-ghetto. I bet the owners of Atlas Mall are jumping for joy. They better put an add in the paper for a few dozen more security guards.


Anonymous said...

A couple of years ago, someone warned us that the shelter was just the beginning of the over development of this part of Queens. It was right before the rally to protest the shelter, where hardly anybody came. They mentioned something to the effect that similar things happened in Manhattan, after the 90st and the Chelsea shelters opened. They'd open the shelters as an excuse to bring in cheap labor, to open big box department stores and eventually develop huge residential buildings in order to ease the "overcrowding". Once the shelter opens its going to plummet the property values and the landlords are going to sell like rats on a sinking ship. Be prepared to see a lot more scum walking around before the stores open. The residential developers are not gunna buy until they can get these houses for pennies on the dollar. Only then will the stores open. I say sell now while you still can. Its only gunna get worse from here.