Bayside mall sells for $32 million

61-01 Springfield Avenue in Bayside with Robert Khodadadian and Daniel Shirazi of Skyline Properties (Google Maps)

A summer of strong mid-market investment selling in New York, particularly in multi-family assets, came to a halt in the first week of August.

Only five deals involving commercial properties worth between $10 million and $40 million have reached city records. Three were in Brooklyn, while Manhattan and Queens each had one. Below is more information on each, listed by dollar value:

1. Alfredo Li, through the entity Mandarin Realty NY LLC, sold a shopping center at 61-01 Springfield Avenue in Bayside, Queens, for $32 million to Main 15-Lee Springfield LLC, which is connected to the Flushing-based multi-family and office building investor Hye Chun Lee. Robert Khodadadian and Daniel Shirazi of Skyline Properties represented the buyer. Li owned the 40,000 square foot mall for 40 years. Built in 1949, tenants of the single-story mall include Subway, UPS, Walgreens, and Chase. The property also has a parking lot with 100 spaces.

2. Largo Investments has sold an office and retail building at 71 North Seventh Street in Williamsburg for $24.1 million to Frank Shahidi through Shawnick Williamsburg LLC. Largo co-founder Nicholas Werner signed for the seller and Esmail Shahidi signed for the buyer. A JLL team consisting of Stephen Palmese and Brendan Maddigan represented the seller, Commercial Observer reported. The newly completed building spans three stories over 21,000 square feet. Its tenants include perfume company Le Labo, Spear Physical Therapy and self-storage site Local Locker. Largo bought the property, then an empty warehouse, for $10.5 million in 2015.

3. Five and Fifth Realty Corp. sold an apartment building at 5 East 63rd Street in Lenox Hill for $15.5 million to 5E63 LLC. Michael Mackay signed for the seller and Edward Weiss signed for the buyer. Built in 1900, the 11,900 square foot building has 10 units spread over six floors. It was last sold in 1995 for an undisclosed amount.

4. Para. Peter and Paul Epiphany Parishes have sold a trio of church buildings and vacant land at 96-100 South Ninth Street in Williamsburg for $14.1 million to Brooklyn-based developer Double U Realty. Father Jason Espinal, parish priest, signs for the seller. Double U principal Jay Weitzman signed for the buyer. The three buildings span nearly 14,700 square feet.
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5. Yeshiva of Flatbush purchased property at 1296 Coney Island Avenue in Midwood for $13.5 million from real estate investment firm SMRC Management. Treasurer Abraham Hanan signed for the buyer and Michael Katz for the seller. Built in 1929, the single-story building spans 15,400 square feet. It was last sold in 1995 for an undisclosed amount.

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