HG Capital Acquires Multi Family Property In Woodside, Queens For $33M

The property involved in this transaction is a multi-family asset located at 72-01 Queens Blvd in Woodside, Queens, New York. The sale took place on September 27, 2018, with the seller being Piermont Properties and the buyer being HG Capital LLC, in partnership with Hakimian Organization, Gorjian NY, Imagine Capital Group, and CH Capital Group. The property has a lot size of approximately 58,000 square feet and 315 feet of frontage. The transaction was facilitated by Eric Anton of Marcus & Millichap, with financing provided by Bank Leumi. The sale price for the property was $33,000,000, with a building square footage of approximately 300,000 square feet at a rate of $110 per square foot.

Summary of transaction details

• Property Type: Multi Family
• Transaction Amount: $33,000,000
• Date: September 27, 2018
• Address: 72-01 Queens Blvd
• Market: Woodside, Queens, New York

HG Capital, an affiliate of The Hakimian Organization and Gorjian NY, plans to develop a mixed-use property on the site, consisting of retail, parking, and over 400 residential units. Aufgang Architects has been retained for the project. The buyers have expressed excitement about delivering an outstanding rental building to the Woodside neighborhood, which is known for its strong transportation options, thriving retail scene, and excellent school system. It is worth noting that Woodside's growing popularity as a residential destination is evident from the recent success of Long Island City and the acquisition of properties by notable developers in the area.

Shawn Hakimian, a representative of HG Capital, expressed enthusiasm for the project and highlighted Woodside's qualities as a desirable residential neighborhood. HG Capital was founded in 2017, and this project reflects their commitment to delivering high-quality rental properties.