BY ARIEL HERNANDEZ
A commercial building in Bayside that is home to a neighborhood Bank of America branch was sold for $13.5 million.
The 10,092-square-foot building, located at 42-31 Bell Blvd., consists of three leased units. Bank of America, which occupies the most space with 5,376 square feet, has a lease that ends in March 2024. Next door is Waggers Dog Daycare, which has a lease that is up in October 2019. And Erawan Thai Cuisine, which is also at the site, has a lease that ends in April 2024.
The building was previously owned by Midwood Investment & Development, a 90-year-old real estate company that owns more than 125 properties in 10 states and Washington, D.C.
The retail building was purchased by Hersel Sonobolian for $13.5 million.
“42-31 Bell Boulevard presented the buyer with an exceptional opportunity to acquire a fully leased, zero-maintenance property,” said James Nelson of Cushman & Wakefield, which represented the seller in the transaction. “The property is located in a prime retail destination in Queens and offers the potential for significant expansion.”
The building also has a 20-space parking lot and approximately 22,814 square feet of air rights that can be used for commercial and residential expansion.
Nearby on the commercial strip are Chase and Flushing Bank branches and Bareburger.
The building is located near a transportation hub that provides access to the Long Island Rail Road and multiple bus stops.
Reach Ariel Hernandez at (718) 357-7400 x144, firstname.lastname@example.org or @reporter_ariel.