A 7,673 square foot retail building at 33-55 Crescent Street in Astoria, Queens sold for $4 million in March 2024. The property was formerly occupied by Walgreens and was delivered vacant. The seller was Seaford-based Petrakis Realty Group, a Long Island investment firm. The buyer, Gina Argento, plans to develop the site. This transaction was covered by Long Island Business News.
Vacant retail with redevelopment potential in a market like Astoria attracts a different buyer profile than stabilized NNN — this one came down to location and upside. If you have a property with repositioning potential and are thinking about your options, give me a call.