JMart pays $30M to Colin Development for mixed-use building in Little Neck

JMart through the entity 24926 Property LLC paid $30 million to Colin Development through the entity Cces Little Neck Realty LLC for mixed-use building (K2) at 249-26 Northern Boulevard in Little Neck, Queens.
The deal closed on December 14, 2021 and was recorded on December 22, 2021.
The property has 36,400 square feet of built space and 10,310 square feet of additional air rights for a total buildable of 46,867 square feet according to PincusCo analysis of city data. The sale price per built square foot is $824 and the price per buildable square foot is $640 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 Colin Development was Fred Colin. The signatory for JMart was Qin Zhou Chen.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
JMart is an Asian grocery store located at the buyer’s address. According to Queens Chronicle, a Stop and Shop at this property closed and a JMart was reported to be moving in.

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