Soon Lee Acquires Retail Property In Astoria For $4.9M From Crown Acquisitions

The property involved in this closed transaction is a retail asset located at 22-28 31st Street in Astoria. The property is zoned as C4-2A and spans a total of 3,000 square feet. The sale of this property took place on 03/01/2021, with Nathan Elmekies from Elmekies Equities representing the buyer Soon Lee and Nathan Elmekies representing the seller Crown Acquisitions.

Summary of Transaction Details

• Property Type: Retail
• Transaction Amount: $4,900,000
• Address: 22-28 31st Street
• Market: Astoria
• Zoning: C4-2A

Nathan Elmekies from Elmekies Equities played a key role as the broker in this transaction. The property was sold at a slight discount from its original asking price of $5,000,000. With a building square footage (BSF) of 7,500, the price per BSF was approximately $653. The price per square foot (PPSF) was calculated to be $1,633.