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Rosewood Closes Off-Market Deal for Sunnyside Retail with Unused Air Rights
Rosewood Realty Group closed the $16,250,000 off-market sale of 40-02 and 40-18 Queens Blvd. in Sunnyside, Queens. The Schoellnast family bought the buildings in 1929 and has owned them since then.
Rosewood brokers Joseph Khalili and Ben Khakshoor had the exclusive listing for the properties, on which the Koptiev family closed all-cash in under 90 days. The two-building retail strip has 13 tenants, including Capital One Bank, Courtyard Ale House, Lowery Liquor, and Sunnyside Hardware. The properties also carry unused air rights, giving the new ownership a development play on one of the busiest corridors in Queens.
“This family held these buildings through the Depression, through every cycle this city has seen,” said Khalili. When they decided it was time, they trusted us with it. We handled it quietly, brought the right buyer, and closed it clean. The air rights make this more than just a retail buy.”
- ◦Sale/Acquisition
