Heskel Group buys stake valued at $18.4M in AB Capstone retail building in Jackson Heights

Heskel Group bought a stake from AB Capstone through the entity Northern 87th Street LLC valued at $18.4 million for the mixed-use retail building (K4) at 87-10 Northern Boulevard in Jackson Heights, Queens.

In this transaction, AB Capstone sold a tenant-in-common interest to Heskel Group in a ground lease that was executed in 2011 and originally ran until 2060 but simultaneously with this transaction, the lease was extended by 10 years to 2070. The fee owners are Barbara W. Aal and Alfred M. Lama through their Barnik Associates, LLC and Lama Holdings LLC.

The deal closed on November 12, 2021 and was recorded on December 7, 2021.
The property has 62,179 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $296 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for AB Capstone was Meir Babaev. The signatory for Heskel Group and AB Capstone was Meir Babaev and Yeheskel Elias.
(420513484)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on April 22, 2016. (420513484) Plans for a 0-unit, 39,840 square-foot M were filed on December 12, 2011 and were permitted on May 21, 2013.

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