Malachite Group Buys Woodside, Queens Commercial Properties for $10M


Commercial investment firm Malachite Group has purchased a portfolio of three low-slung commercial buildings in Woodside, Queens, for $9.6 million, according to information from CPEX Real Estate and public records.

The Mineola, N.Y.-based outfit closed on the trio of small properties at 35-15 56th Street and 33-16 and 33-18 57th Street between Northern Boulevard and Broadway on Oct. 16. The seller was Vernon Real Estate Group, which had owned the property since the early 1970s, according to public records.

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CPEX’s Timothy King and Dimitri Venekas represented the owner in the transaction and lined up the buyer.

“These properties proved to be a very attractive asset with a number of unique features,” Venekas said in prepared remarks. “With a high amount of vehicular traffic, on-site parking and easy access to public transit, we received a tremendous level of interest. We expect Malachite Group will see great appreciation on the property in the emerging Woodside marketplace.”

The property at 35-15 56th Street is a one-story, 12,115-square-foot retail building with 13 on-site parking spots. Local Dominican chain Mamajuana Cafe has a short-term lease on the property. The properties at 33-16 and 33-18 57th Street are two-story commercial buildings adjacent to the restaurant, spanning 3,250 square feet and 13,240 square feet respectively. Both are currently vacant.