Malul & Co. paid $2.775 million to Top Rock Holdings through the entity 205-16 Linden Blvd Partners LLC for 205-16 Linden Boulevard in Saint Albans, Queens. The sale closed on May 16, 2023 and has not yet been recorded.
A principal with Malul & Co. is Shalom Malul.
According to the brokers, the property will be converted into a mixed-use residential building.
Mike Sezan and Mark Akilov of Asset CRG Advisors brokered the sale on behalf of the buyers and sellers. The property ia a fully vacant medical and office building that includes 22 parking spaces at the rear of the lot. The building size has 9,358 square feet and sits on a 13,720 square foot lot.
The office building in St. Albans has 9,358 square feet of built space and 9,192 square feet of additional air rights for a total buildable of 18,522 square feet according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 98 feet deep with a total lot size of 13,720 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $920,000.
In St. Albans, The bulk, or 34 percent of the 5.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 18 percent of the space. In sales, St. Albans has near average sales volume among other neighborhoods with $10.1 million in sales volume in the last two years and is the 50th highest in Queens. For development, St. Albans has near average amount of major developments among other neighborhoods and is the 39th highest in Queens. It had 82,133 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 3,600 square feet of the 16,018 square feet. The identified owner is Frank Pernice. There are no active new building construction projects on this tax block.
This is the first commercial real estate event of interest identified within the 400-foot radius of 205-16 Linden Boulevard in the past 24 months.