LeFrak Organization sells Jackson Heights parcel for $21M, held for 60 years

Spencer An, president of Bogopa Service Corp. and Food Bazaar Supermarket, through the entity BG Junction Realty, LLC paid LeFrak Organization’s Hartford Leasing Limited Liability Company $21 million for 34-20 Junction Boulevard in Jackson Heights. The deal closed on February 6, 2020, and was recorded on February 10, 2020. The transaction consists of 1 parcel, including the tax class one-story store building (K1). The property is 19,000 square feet. The parcel(s) have total development potential of 138,984 square feet.
The average sale price per square foot is $151.

The LeFrak Organization has owned the parcel since at least 1957, according to city records. At the time, the company was led by Sam LeFrak, grandson of founder Aaron LeFrak. Food Bazaar just opened a large grocery store in Bronx Terminal Markets. The contract date for the transaction, February 6, 2020, is the same as the closing date. No debt was recorded at the time of the sale.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 5, 2016.
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. There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link