An office building and a former medical office along Glendale’s Myrtle Avenue are under new ownership.
The first property, which is next to the Queens Library’s Glendale branch, is a three-story office building located at 73-09 Myrtle Ave. that sold well-above the market price, at $1.65 million after being listed on the market for over a year.
The second building, a vacated medical office located at 65-17 Myrtle Ave., sold above market price at $925,000.
Greiner Maltz Investment Properties handled both transactions.
While the first deal was rather uneventful, the sale of the former medical office came with many question marks, according to Greiner Maltz. It sold for above market value even though the buyer had not prior knowledge of the building’s rent roll. The site has been vacant for nearly half a year.
As a result, it’s difficult to determine when the new owner could potentially turn a profit on their investment.
According to Greiner Maltz, “The property also faced a very unusual tax basis that the previous owner has been fighting for the past three years with no result. The real estate taxes were over five times the normal annual tax bill for a property of that size in that neighborhood.”
