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Roosevelt Avenue Building Sells for $3.58M, New Development Likely

51-30 Roosevelt Ave. (Goldenwood Property Advisors)

Jan. 10, 2019 By Nathaly Pesantez

Yet another Roosevelt Avenue building has sold on a block that is gearing up to see significant change.

The two-story corner building at 51-30 Roosevelt Ave. sold for $3.58 million on Jan. 4, according to Goldenwood Property Advisors, which brokered the deal.

The Bayside-based Pantelatos family, who owned the property under Samis Realty LLC since 2005, sold the site to Qin Li in an all-cash transaction.

The property, furthermore, was sold as a mixed-use development site, indicating that the buyer is looking to demolish the building for a new development.

“Given the strong demand for land in Sunnyside and Woodside, even a building that was built in 2005 is being purchased as a development site,” said Rubin S. Isak, who brokered the deal.

The building, built 14 years ago, sees just over 3,000 square feet of restaurant and retail space at the ground floor, and about 2,000 square feet of office space on the second floor. The ground floor space was home to Payag restaurant for seven years until it closed in 2017.

The property is situated within an R6 zone with a commercial overlay, allowing for an as-of-right residential development spanning 14,800 square feet. Including a community facility in the mix, however, would bump the maximum development size to 23,731 square feet.

“The property sits directly in front of the 52nd Street/Roosevelt Avenue 7-train subway entrance, making this a truly unique asset and ideal for a mixed-use project with a community facility component,” Isak added.

The site’s purchase comes after the former Nunziato Florists property adjacent to it sold for $3.68 million in November. It is unclear, however, if the buyer of the 51-28 Roosevelt Ave. property is also behind the recent purchase of the corner building.

The January purchase forms part of ongoing changes to the section of Roosevelt Avenue and Queens Boulevard between 50th and 52nd Streets.

The J & Sons Supply property on 51st Street and Roosevelt sold for $15 million in 2017, with developers filing for the building’s demolition last spring.

Last year also saw plans filed for a nine-story building at the corner of 51st Street and Queens Boulevard, and for a six-story building on 52nd Street between Roosevelt Avenue and Queens Boulevard.

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7 Comments

Wake up

Gentrification doesn’t happen to one block, it happens to an entire neighborhood. Prices go up all over. And gentrification is a social ill, favoring one economic class at the expense of another. It harms the most vulnerable.

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Marion J Drage

Great. Another ugly building. U less they make it soundproof nobody is going to live in an apartment that close to the El. Not at the current rents.

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