Business Services Industry
Itzhaki Properties
Real Estate Weekly, Nov 26, 2008
Itzhaki Properties is pleased to announce the sale of 156-17 73rd Avenue, a bustling retail island in the middle of a residential neighborhood in Flushing, Queens. Located off Kissena Boulevard, the property contains a 7,016 s/f store building with two retail spaces, one of which is currently rented to a beverage distributor and the second is occupied by a Washington Mutual branch.
The sale price of $3,125,000 represents a 7.2% cap rate and a gross rent multiple of 10. Itzhaki's Jeremy Frank, senior broker, and Marc Levine represented the seller in this transaction while Shay Zach, managing partner, represented the buyer.
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