A commercial building in Bayside has seen a change in ownership for a substantial sum.
The 10,092-square-foot, one-story building at 42-31 Bell Blvd. was sold by Midwood Investment & Development to new owner Hersel Sonobolian for $13.5 million. The building property is currently split into three units, which are fully leased.
Bank of America, which takes up the largest 5,376-square-foot corner space, has a lease through March 2024. Waggers Dog Daycare, which has a lease through October 2019, takes up the adjacent property. The final space is Erawan Thai Cuisine, which has a lease through April 2024.
The property also consists of a 20-space parking lot. Approximately 22,814 square feet of developable vertical space exists atop the building.
Located on the neighborhood’s prime retail strip, the building is two blocks south of the Long Island Rail Road (LIRR) Bayside station and in close proximity to multiple bus lines. Neighboring businesses include Chase, Flushing Bank, Bareburger and Cinco de Mayo.
A Cushman & Wakefield brokerage team consisting of Vice Chairman James Nelson, Senior Managing Director Stephen Preuss and Senior Associate Carly Weinreb represented the seller.
“[The property] presented the buyer with an exceptional opportunity to acquire a fully leased, zero maintenance property,” Nelson said. “The property is located in a prime retail destination in Queens and offers the potential for significant expansion.”