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.
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.