Hersel Sonobolian Pays $13.5M for Opportunity to Grow in Bayside

Investor Hersel Sonobolian paid $13.5 million for a one-story retail building at 42-31 Bell Blvd. in the Bayside neighborhood of Queens.

The 10,092-square-foot building includes a parking lot with 20 spaces and about 22,800 square feet of air rights that could be used to allow new commercial and residential development. “The property is located in a prime retail destination in Queens and offers the potential for significant expansion,” said James Nelson of Cushman & Wakefield.

A branch of Bank of America anchors the property and occupies its 5,376-square-foot corner, with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant, with leases through October 2019 and April 2024 respectively. “42-31 Bell Blvd. presented the buyer with an exceptional opportunity to acquire a fully-leased, zero maintenance property,” said Nelson.

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