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Glendale apartment building sells for $6.2 million – QNS.com

Glendale apartment building sells for $6.2 million

Photo courtesy Nicholas Strini/ PropertyShark

A four-story, mixed-use apartment building in Glendale sold for $6,250,000 recently, feeding off a hot real estate market and its proximity to Ridgewood.

Because of a lack of access to train lines, property values and rental rates in Glendale have not skyrocketed like neighboring Ridgewood. However, because the economy is trending upwards and demand is high, the building at 72-06 69th St. sold near its high asking price, which was $6,499,000.

The sale price was higher than most transactions in Glendale – it sold for double its value before the recession – because the time and place was right, according to Simone Grimaldi, owner of Grimaldi Realty Corp., which handled the deal.

“If the market changes it wouldn’t get that kind of money,” said Grimaldi, a veteran broker in the area since 1989. “It’s not really Ridgewood, it’s Glendale. But it’s the beginning of Glendale. You can walk to the M train from there. It was the right time to sell. Who knows when they would have gotten that opportunity again?”

Another reason for the high sale price is the building’s rate of return. The property makes $483,000 annually through rental income from its 24 residential tenants and four ground-floor commercial stores, which include a laundromat and a nail salon.

“The way the market is today, it’s attractive, because there aren’t many properties like this available,” Grimaldi said. “For the area, it is a big sale.”

A much bigger sale in Glendale happened late last year, when Brooklyn-based television and film production company Broadway Stages purchased Atlas Terminals, a huge industrial park with buildings adjacent to The Shops at Atlas Park mall, for $19.5 million.

The film company plans to build a massive film studio and retail complex in the neighborhood with the existing warehouses.

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