Phipps Houses paid $9M to FOREST HILLS MHA HOUSING DEVELOPMENT FUND CORP

Phipps Houses through the entity APEX PLACE HOUSING DEVELOPMENT FUND CORPORATION paid FOREST HILLS MHA HOUSING DEVELOPMENT FUND CORP $8.6 million for 3 parcels, including the tax class commercial real estate (CR) at 62 Drive in QUEENS. The deal closed on June 27, 2019 and was recorded on July 11, 2019. The parcel(s) have total development potential of square feet.
The average sale price per buildable square foot is not available.
The estimated cap rate is 9.8%

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $2,550,000.There has been one new building permit application totaling 131,889 square feet. Those plans include a total of 115 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link