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Mixed-use Bayside buildings sell for record value due to rising demand – QNS.com

Mixed-use Bayside buildings sell for record value due to rising demand

Photo courtesy of Cushman & Wakefield  

Filled with bars, shops and a wide variety of restaurants, Bell Boulevard is the main commercial strip in Bayside.

The thoroughfare is serviced by buses and the Bayside LIRR station on the boulevard, which brings high foot traffic to the area.

For these reasons, and partly because of a spillover from nearby Flushing due to lack of inventory, rising demand for real estate on the Bayside commercial strip is leading to sale prices well above past averages.

In fact, the two attached mixed-use buildings at 39-32 and 39-34 Bell Blvd. recently sold for $3.8 million, which equates to about $731 per square foot and is a record for a residential and commercial mixed-use building sold in Bayside, according to broker Cushman & Wakefield.

“The package provides great upside for the investor in an area that is continuing to see an abundance of attention in the real estate world,” said Cushman & Wakefield’s Stephen Preuss, who handled the transaction for the seller.

In 2012, commercial real estate was selling for an average of $550 per square foot on Bell Boulevard and as much as $600 for top properties. Last year, the average rose to $615 per square foot, according to Preuss.

The two buildings at 39-32 and 39-34 Bell Blvd. have 5,200 square feet of space, in which there are four residential units and two ground-floor retail spaces.

As a side note, one of the retail tenants, Il Vesuvio Pizzeria, is moving a few doors down to the location of the former Okinawa restaurant and expanding to include a bar, restaurant and pizzeria.

Il Vesuvio is also changing its name to Il Borgo and is expected to open in the coming weeks.

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