The demand for free-market properties in well-located areas continues to surge in Corona.
B6 Real Estate Advisors have announced the sale of a fully occupied, 100 percent free market three-story building — a mixed-use, nearly 11,000-square-foot building located on the corner of 51st Avenue and Corona Avenue — for $3.16 million.
The property, located at 106-20 Corona Ave., consists of three retail tenants, two of which are restaurants that remained open through the pandemic, Don Alex and Paraiso Colombiano, and a clothing shop, Irene’s Fashion. It also consists of six residential units and onsite parking with seven spaces.
“This deal speaks volumes about the market and our process,” Vice Chairman and Partner of B6 Thomas Donovan said. “This was sold and marketed at the height of the pandemic, and we sold it for 97 percent of the asking price.”
According to multiple real estate agencies, that building is situated in a prime corner and highly visible location in the busiest retail hub of Corona.
The building is across the street from the Park Side Restaurant, a renowned iconic Italian restaurant. The restaurant tenants stay open and survive through the devastating impact of the pandemic on local businesses.
They were both able to continue servicing the community and stay in business. They offered outdoor dining options during that period.
The property is also in the proximity of Flushing Meadows Corona Park. While it is located in a high-traffic and busy location, the building consists of apartments that would be considered large for the area with below-market rents.
“The building is ideal for families who want to be located in central Queens,” Donovan said. “The apartments were all legal free-market units, and therefore makes the building a rare find.”
Commuters going to the city or out on Long Island don’t have to drive very far to get on the highway.
The building is a 40-minute trip time to Penn Station via the 7 train and Long Island Railroad. The Corona Avenue and 51st Avenue bus stop is right across the street from the property on William F. Moore Park. The Long Island Expressway is also just a half-mile away.
According to Donovan, the property was priced “appropriately,” and his group was able to identify the best buyer as well. He said his group has a business plan that works, and that has been using that plan for a long time.
“Even with the uncertainty that COVID brought, will ultimately benefit the seller,” he said.