A mixed-use Woodside building on a corner lot has been sold for a huge price tag.
The property, located at 51-30/51-34 Roosevelt Ave., sold for $3,580,000 in an all-cash transaction. The sale was handled by Rubin S. Isak, Founding Partner of Goldenwood Property Advisors.
“Given the strong demand for land in Sunnyside and Woodside, even a building that was built in 2005 is being purchased as a development site,” said Isak. “The property sits directly in front of the 52nd Street/Roosevelt Avenue 7-train subway entrance, making this a truly unique asset and ideal for a mixed-use project with a community facility component.”
Originally built in 2005, the lot sits at the corner of Roosevelt Avenue and 52nd Street and currently houses a two-story building with 3,258 square feet of restaurant/retail space on the ground floor and 2,058 square feet of office space on the second floor.
The site is also situated in a R6 zone with a C2-3 overlay, with the as of right buildable square feet for a residential development at 14,832 square feet.
Developers can max out the building at 23,731 square feet with the community facility bonus.
The site was sold to buyer Qin Li by seller Samis Realty Co. LLC. Evangelos Mihos, Esq. of Mihos Law represented the seller and Yang Law PC represented the buyer.