Glendale, Queens Mixed-Use Property Sells for $9.18M
Danielle Schlanger March 24, 2015, 12:01 p.m.
A 94,000-square-foot property in the Glendale section of Queens has sold for $9.18 million to two different buyers, according to Avison Young, the brokerage firm that represented the seller and one of the buyers.
The property at 79-40 Cooper Avenue includes eight lots, a 50,000-square-foot industrial building, two attached residential buildings, two parking lots and vacant land spread over two acres.
The seller of the property was Hansel ‘n Gretel Brand, a deli processor that had been in business for 140 years that has since closed. Hansel ‘n Gretel Brand occupied the industrial building until last year.
Carye & Sons Acquisitions, a family-owned real estate company, bought the majority of the property, including all of the holdings along Cooper Avenue, for around $7 million. This included four lots, a vacant piece of land and the industrial building. Carye & Sons plans to redevelop the industrial property on the site into an 80,000-square-foot self-storage and retail building.
The remaining piece of the property, including a parking lot and two residential dwellings, was sold to an adjacent landowner for $2.2 million. Right Time Realty’s Joe Ibrahim represented the buyer on this transaction. Mr. Ibrahim could not immediately be reached for comment.
Avison Young’s Jason Meister, along with Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley, represented the seller and the buyer Carye & Sons. The deal closed within the past two weeks.
“With market fundamentals remaining strong, we continue to see a great deal of investment activity across Queens,” said Mr. Meister in prepared remarks. “Over the last few years, self-storage has been driven by robust demand, advanced management and new technology, and it continues to outperform other real estate sectors.”