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Photo Courtesy Massey Knakal
Photo Courtesy Massey Knakal
Real estate company Massey Knakal handled the $47 million transaction for the sale of the former St. John’s Hospital building in Elmhurst, together with a five-story parking garage.

The former home to St. John’s Hospital will soon be transformed into a mixed-use building.

Real-estate company Massey Knakal announced it handled the $47 million sale of the 90-02 Queens Blvd building in Elmhurst, together with a five-story parking garage located at 87-28 58th Ave.

“For the first time, Queens is beginning to see a trickle-down effect of rising rents from primary neighborhoods, like Long Island City,” said Stephen Palmese, senior executive vice president of sales for Massey Knakal, who handled the sale together with company partner Thomas A. Donovan. “This is similar to Williamsburg’s effect on Bushwick. As a result, secondary markets, like Elmhurst, which also have great transportation, are experience strong increases in residential rent.”

St. John’s Hospital closed its doors in 2009 after Caritas Health Care, which ran the hospital, filed bankruptcy. Brooklyn-based developer called 89-52 Queens LLC then purchased the property and was the most recent owner up until the sale.

Approved plans from the city’s Board of Standards and Appeals show the new owner plans to convert the about 266,322-square-foot former hospital building into a mixed-use building with ground floor and lower level retail, medical facilities on the second floor and residential units on the remaining floors, according to Massey Knakal.

The about 86,400-square-foot parking garage, located behind the building, holds a capacity of 290 parking spots.

“This property is located across the street from the Queens Center mall, which is one of the top grossing malls in the U.S.,” said Donovan.

The property is located across the street from Queens Center and Queens Place Mall and near four major expressways.

 

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