Manhattan Capital Group pays $4.5M to Lewis Stockman for mixed-use building in Forest Hills

Manhattan Capital Group through the entity Austin Group 26 LLC paid $4.5 million to Lewis Stockman through the entity Stockman Holding Company LLC for the mixed-use building (K4) at 72-50 Austin Street in Forest Hills, Queens.
The deal closed on August 18, 2021 and was recorded on September 20, 2021.
The property has 8,600 square feet of built space and 1,400 square feet of additional air rights for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $523 and the price per buildable square foot is $450 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 Lewis Stockman was Lewis Stockman. The signatory for Manhattan Capital Group was Cyrus Hakakian.

The Manhattan Capital Group is the investment vehicle for the family of Cyrus Hakakian, and owns office, retail and other properties. It also owns 71-15 Austin Street.

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