Queens building fetches record price.A strategically well-located, 78-unit, six-story, pre-war elevatored building, on the corner of Junction Boulevard and 37th Avenue in Queens, has just sold for $12.75 million, twelve times the existing rent roll, at a price which marks a record for the area. Eastern Consolidated's Marcia Rose Yawitz, Senior Director, arranged the sale of 96-04 37th Avenue between the seller, 96-04 Associates c/o PDQ (Parallel Data Query) A query optimized for massively parallel processors (MPPs). The software breaks down the query into pieces so that several parts of the database can be searched simultaneously. See SMP. Properties, a Florida-based company owners of over 14,000 residential units nationwide and 1.25 million square feet of commercial properties, and the purchaser, Robert Shapiro This article is about the lawyer. For the economist, see Robert J. Shapiro. Robert Leslie Shapiro (born September 2, 1942 in Plainfield, New Jersey), is a high-profile attorney who is most notable for being part of the defense team which successfully defended of Manhattan Property Investors Group. "The terrific upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar of this property enhanced its value significantly," said Ms. Yawitz. "Both the apartments and the six retail stores operating at street level have been leased at below market rents for years." The building, which had been owned by the same family for approximately 30 years, had been minimally upgraded. Of the six retail stores, on Queens' major shopping thoroughfare THOROUGHFARE. A street or way so open that one can go through and get out of it without returning. It differs from a cul de sac, (q.v.) which is open only at one end. 2. Whether a street which is not a thoroughfare is a highway, seems not fully settled. , abundant with major chains, the corner store's lease expires in August, giving the purchaser an immediate opportunity to charge market rates. Also, the average apartment, which rents at $710 per month, will give the new owner a chance to heighten height·en v. height·ened, height·en·ing, height·ens v.tr. 1. To raise or increase the quantity or degree of; intensify. 2. To make high or higher; raise. v.intr. the rent roll as expirations kick in. "The location of 96-04 37th Avenue is also highly strategic, as it's the only apartment building in close proximity to Junction Boulevard's subway hub offering access to the 7 line into Manhattan," added Ms. Yawitz. The seller was represented by David Breger David Breger (April 15, 1908 - January 16, 1970) was the American cartoonist who created the term and comic strip "G. I. Joe" during World War II. Growing up in Chicago, where he was born, Breger had encounters with the local gangsters while he was working in his father's , Esq. of Breger and Breger, and the puchaser was represented by Gary Barash. Esq. |
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