Two retail properties in Astoria, Queens occupied by outlets for the GAP and FedEx/Kinkos were sold for $13.55 million.
The two adjacent buildings are located at 31-46 and 48 Steinway Street. The larger property, 31-48 Steinway Street, is a three-story building with 16,250 s/f of space. It contains four one-bedroom apartments on the third floor as well as a GAP location covering 4,500 s/f on the ground floor, 4,250 s/f on the second floor and 4,500 s/f in the basement. The apartments were recently renovated and have rents at around $1,800 a month. Meanwhile, 31-46 Steinway Street is a two-story building with 4,550 s/f of retail space. FedEx/ Kinkos also occupies the building’s 1,150 s/f basement.
“These two adjacent buildings leased by two long-established national retail brands presented the buyer with an excellent investment opportunity,” said Eastern Consolidated Vice Chairman and Principal Brian Ezratty, who represented the seller, 31-46 & 48 LLC.
Eastern Consolidated Executive Managing Director and Principal Ron Solarz found the buyer, an unnamed real estate investment group. “These are terrific retail properties offering 75 feet of frontage along Steinway Street, one of the busiest neighborhood retail thoroughfares in Queens,” he said.