Med Holding 188 LLC paid $6M to SKC Auburndale Property

Med Holding 188 LLC paid SKC Auburndale Property LLC $5.6 million for 1 parcel, including the tax class two-story or store and office (K2) and containing 2 residential units at 188-16 Northern Boulevard in Flushing. The deal closed on July 31, 2019 and was recorded on August 12, 2019. The parcel(s) have total development potential of 10,350 square feet.
The average sale price per square foot is $541.
The estimated cap rate is 4.2%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 2 residential (or hotel) units on August 24, 2017.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,188,590. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $167,410.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link