"There were numerous bidders for this very desirable property and the marketing process lasted less than two months," says Massey Knakal broker Jeffrey Shalom in a release. Shalom, who exclusively represented the seller, adds that despite the low initial return offered because of the lease in place, "the buyer is looking forward to eventually leasing the building to a highly-rated tenant for the full market rent that this location can generate."

Also known as 8513-23 Bay Pkwy., the property is located on the northeast corner of 86th Street and Bay Parkway. A branch of TD Bank, formerly Commerce Bank, is directly across the street, and there are bus stops directly in front of the building on each corner as well as stairs to the elevated subway.

The two floors make up approximately 9,900 square feet with 55 feet of frontage on 86th St. and 90 feet of frontage on Bay Parkway. The sales price represented $505.05 per square foot, the release states. Massey Knakal Realty Services was the sole broker in this transaction.