{"id":1004289083,"date":"2019-01-03T10:19:44","date_gmt":"2019-01-03T18:19:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004289083"},"modified":"2022-12-08T08:51:07","modified_gmt":"2022-12-08T16:51:07","slug":"nyc-retail-property-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-retail-property-changes-hands\/","title":{"rendered":"NYC Retail Property Changes Hands"},"content":{"rendered":"<p>By Holly Dutton<\/p>\n<div id=\"attachment_1004289086\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004289086\" data-attachment-id=\"1004289086\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyc-retail-property-changes-hands\/84-02-roosevelt-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png\" data-orig-size=\"891,668\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"84-02 Roosevelt Ave\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;84-02 Roosevelt Ave.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png?w=891\" loading=\"lazy\" class=\"wp-image-1004289086 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png 891w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004289086\" class=\"wp-caption-text\">84-02 Roosevelt Ave.<\/p><\/div>\n<p>In a $7 million deal, Malachite Services LLC has acquired a retail building in Queens, N.Y., from LDG Associates LLC. The 8,730-square-foot property has a development potential of 35,000 square feet. Cushman &amp; Wakefield arranged the transaction on behalf of the seller.<\/p>\n<p>The block-through, single-story property is located at 84-02 Roosevelt Ave. in Jackson Heights, in a highly-trafficked commercial corridor, with a variety of restaurants and retail. The building is part of the 421a tax exemption program, which reduces property taxes for a set amount of time.<\/p>\n<p><em>\u201cThe property\u2019s ideal location and development potential made it an exceptional opportunity for the buyer,\u201d<\/em> said Stephen Preuss, senior managing director at Cushman &amp; Wakefield, in prepared remarks. <em>\u201cWith its proximity to 82<sup>nd<\/sup> Street, the property is near one of the strongest retail corridors in Queens. Also, the investor benefits from the opportunity to take advantage of the newly revived 421-a program.\u201d<\/em><\/p>\n<p>Several transit options including the 7, E, F, M and R subway lines are located within close proximity to the building. Last month, in the nearby community of Long Island City,<a href=\"https:\/\/www.commercialsearch.com\/news\/jv-sells-72m-long-island-city-industrial-building\/\"> a joint venture sold an industrial building<\/a> for $72 million.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 8,730-foot retail building in the Jackson Heights neighborhood of Queens has a development potential of 35,000 square feet and traded for $7 million.<\/p>\n","protected":false},"author":745,"featured_media":1004289086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21749],"tags":[32799,43559,43556],"class_list":["post-1004289083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-cushman-wakefield","tag-ldg-associates-llc","tag-malachite-services-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NYC Retail Property Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nyc-retail-property-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Retail Property Changes Hands\" \/>\n<meta property=\"og:description\" content=\"The 8,730-foot retail building in the Jackson Heights neighborhood of Queens has a development potential of 35,000 square feet and traded for $7 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nyc-retail-property-changes-hands\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-03T18:19:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:51:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/84-02-Roosevelt-Ave-e1546461797112.png\" \/>\n\t<meta property=\"og:image:width\" content=\"891\" \/>\n\t<meta property=\"og:image:height\" content=\"668\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nyc-retail-property-changes-hands\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nyc-retail-property-changes-hands\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"NYC Retail Property Changes Hands\",\"datePublished\":\"2019-01-03T18:19:44+00:00\",\"dateModified\":\"2022-12-08T16:51:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nyc-retail-property-changes-hands\\\/\"},\"wordCount\":211,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nyc-retail-property-changes-hands\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/01\\\/84-02-Roosevelt-Ave-e1546461797112.png\",\"keywords\":[\"Cushman &amp; 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