An Entenmann’s Bakery outlet shop that has been in the neighborhood for decades was recently sold for $11.8 million to a developer that has several projects in the borough.
The Chetrit Group purchased the one-story property at 70-50 Queens Blvd. but has not announced any plans for the building, which is zoned for apartments and retail. According to the Department of Buildings, the bakery has been in the neighborhood since at least 1980.
The Chetrit Group is owned by Joseph and Meyer Chetrit. They were described by The Real Deal as “one of the city’s most powerful and secretive real estate families,” and are developing a number of high-profile buildings like the 48-story hotel and apartment tower planned for Hudson Yards.
In 2011, the company settled a lawsuit accusing the Chetrit Group for firing an employee because he was not Orthodox Jewish.
The former Mary Immaculate Hospital in Jamaica, which is now owned by the Chetrit Group, is in the process of becoming a 324-unit apartment building.
In Maspeth, the developers want to turn a number of warehouses into a mixed-use project. But the property sits in an Industrial Business Zone, which does not allow for the construction of residential buildings.
Matthew Fotis of Marcus & Millichap, the firm that represented the buyer and seller, told Real Estate Weekly (REW) that the sale proves that developers are not just looking at neighborhoods like Astoria and Long Island City anymore.
“The sale is symbolic of how the boundaries are being pushed outside of Long Island City, Astoria and even Sunnyside,” Fotis told REW. “Investors view the border of Elmhurst and Woodside as a viable location to build new rental or condo product. It’s not quite as valuable as other areas of the city, but it is certainly getting a lot of attention.”
Marcus & Millichap did not respond to a request for comment as of press time.
