Palestra Properties pays $7M to Samuel Genet for retail in Hollis

Palestra Properties through the entity Queens Hillside, LLC paid $7 million to Samuel Genet through the entity Hillside Ave Partners LLC for the retail building (K1) at 206-02 Hillside Avenue in Hollis, Queens.
The deal closed on July 20, 2021 and was recorded on August 6, 2021.
The property has 12,780 square feet of built space and 4,347 square feet of additional air rights for a total buildable of 17,160 square feet according to PincusCo analysis of city data. The sale price per built square foot is $547 and the price per buildable square foot is $407 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 owner bought the property on 23-Feb-17, for $5.3 million.
The signatory for Samuel Genet was Samuel Genet. The signatory for Palestra Properties was Vincent D. Curran Jr..
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $160,000.
Samuel Genet is managing partner at Flying Point, a real estate investment company.

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