Raymour & Flanigan Real Estate pays $14M to Seaman family for retail property in Elmhurst

Raymour & Flanigan Real Estate through the entity Elmhurst 86-08 Queens Boulevard, LLC paid the Seaman family $14 million for 86-08 Queens Boulevard in Elmhurst. The deal closed on December 2, 2019, and was recorded on December 6, 2019. The transaction consists of 1 parcel, including the tax class two-story or store and office (K2). The property is 28,890 square feet. The parcel(s) have total development potential of 28,890 square feet.
The average sale price per square foot is $485.
The estimated cap rate is 6.7%
In 2013, the parties signed a 10-year lease extension that also gave Raymour & Flanigan a purchase option that had to be executed in a window between September 2019 and August 2020.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $81,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link