A&G completes sale of 23-unit residential tower in downtown Flushing, NY
FLUSHING, NY, February 3, 2022 /PRNewswire/ — A&G Real Estate Partners announced that the US bankruptcy court has approved the sale of Barclay Tower, a newly built 23-unit residential building in this densely populated section of queens.
Sunlight Barclay TowerLLC, a newly created entity, was the winning bidder in A&G’s bankruptcy auction, acquiring the seven-story structure for $10.15 million. Designed and built to be marketed as a condominium, but never occupied, the seven-story building is located at 144-69 Barclay Ave., between Parsons Boulevard and 147and Street.
“With the building initially completed in 2017, the new owners plan to make a significant investment in the property to bring it up to 2022 standards and launch a marketing campaign to sell the individual units,” said Jamie CoteSenior General Manager, Real Estate Sales at the Melville, NY-A&G based.
“Following the successful auction, we look forward to seeing Sunlight Barclay Tower, LLC implement its plan to put the well-appointed apartments in this attractive and strategically located building into the hands of motivated buyers,” added Jeff Hubbard, Senior Managing Director, Real Estate Sales at A&G. “This is a very desirable area with limited availability of comparable condominiums.”
Barclay Tower offers a mix of five one-bedroom units, 17 two-bedroom units, and one three-bedroom unit, ranging from 670 square feet to 1,370 square feet. All two-bedroom units include two bathrooms, and all but two units have balconies. All units are complete.
The elevated building includes a virtual doorman as well as a large rooftop outdoor area with stunning views of the surrounding area. The site also includes 17 parking spaces.
Barclay Tower is located a short walk from the city center Rinsing and two blocks from the Long Island Railroad’s Murray Hill station, offering a journey of approximately 20 minutes manhattan.
The site is also close to attractions such as the Queens Botanical Garden, Queens Zoo and Citi fieldand offers easy access to several major highways.
A&G sold the property at the direction of the US Bankruptcy Court, Eastern District of New York (Case No. 20-43052).
About A&G Real estate partners
A&G is a team of seasoned commercial real estate professionals and subject matter experts who deliver strategies designed to generate the highest possible value for clients’ real estate. Key areas of expertise include real estate sales, occupancy cost reductions, lease terminations, disposals, real estate due diligence, valuations, acquisitions and facilitating growth opportunities. Using its marketing knowledge, reputation and cutting-edge technology, A&G has advised the country’s most prominent retailers and corporations in both healthy and distressed situations. The company’s team achieved rent reduction and occupancy cost savings approaching $8 billion on behalf of clients across all real estate sectors, while selling over $12 billion in non-core properties and leases. Global M&A Network named A&G “Real Estate Restructuring Firm of the Year” for its work in 2019 and 2020. Founded in 2012, A&G is headquartered in Melville, NY For more information, please visit: http://www.agrep.com
Press contact for A&G: Jaffe Communications (908-789-0700), Elisa Krantz, [email protected]
SOURCE A&G Real Estate Partners