QUEENS, NY—Prosperous View, LLC has sold a 4,600-square foot mixed-use building in the Middle Village submarket for $3.8 million, or $826 per square foot. Joseph Lasala and Armand Baklajian were the buyers and they plan to use the building to operate their business.
A Cushman & Wakefield team of Stephen R. Preuss, Kevin Louie and Maurice Suede represented the seller, while Joseph Lasala and Armand Baklajian were represented by Diverse Real Estate.
"This property sold at a high price per square foot in the midst of the pandemic," Preuss said in prepared markets. "The sale demonstrates that investors are still interested in high quality assets throughout Queens."
The building, located at 74-11 Metropolitan Ave., is a fully-leased mixed-use building consisting of a retail unit previously occupied by Capital One Bank, two one-bedroom units and one two-bedroom unit. All apartments are occupied on a month-to-month basis. It is located close to the Jackie Robinson Parkway, Long Island Expressway, Myrtle Avenue and Woodhaven Boulevard. The Middle Village/Metropolitan Avenue M subway station is half of a mile from the building.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
