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Elmhurst corner strip sells for $5.8M, residential development possible – QNS.com

Elmhurst corner strip sells for $5.8M, residential development possible

Photo courtesy of Scott Bintner/PropertyShark 

A Manhattan-based firm recently spent $5.8 million to scoop up two lots on an Elmhurst corner that have the potential to be the location for a much larger residential building.

The parcels, located near the Jackson Heights border at 75-08 and 75-24 Broadway, comprise two buildings with 12 retail and office units combined.

Sunnyside firm Terra Property Group sold the buildings to 75-08 Broadway LLC, according to records filed with the city last week.

The property could be attractive to possible future residential tenants because a subway entrance to the five-line Jackson Heights-Roosevelt Avenue/74th Street-Broadway transit complex is on the corner, making transportation convenient.

No permits have been filed with the Buildings Department for the properties.

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