Palestra Properties Acquires Retail Property In Hollis For $7M

The property at 206-02 Hillside Avenue in Hollis has been sold in a recent transaction. The asset is a retail property with a zoning designation of R4 and C1-2. The property has a lot size of 22,880 and the dimensions are 205 ft x 117 ft. The previous sale price of the property was $5,300,000 on February 3, 2017. The latest transaction took place on July 20, 2021, with a sale price of $7,000,000. The building has a total square footage of 12,813, with a price per square foot of $546. The building's floor area ratio (FAR) is 0.56, and the tax class is 4. A permit for alteration type 2 was issued on November 7, 2018.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $7,000,000
• Buyer: Palestra Properties
• Seller: Samuel Genet
• Building Square Footage: 12,813
• Price per Square Foot: $546

Palestra Properties acted as the buyer in this transaction, while Samuel Genet was the seller. The sale price of $7,000,000 reflects the value of the property. The transaction also involved a permit for alteration type 2, indicating potential changes or improvements to the property. The property is located in the market of Hollis, adding to its investment potential.