Lee family pays $ 32MM for Retail in Queens
August 3 , 2022 2:31pm PincusCo Media
61-01 Springfield Boulevard ( Credit - Google )
Ui Kun Lee of the Lee family based in Manhattan through the entity Main 15-Lee Springfield LLC paid $ 32 million to Alfredo Li through the entity Mandarin Realty NY LLC for the retail strip mall ( K1 ) at 61-01 Springfield Boulevard in Oakland Gardens , Queens .
This property is half of a retail strip mall that occupies a corner at Springfield Boulevard and the Long Island Expressway . The other half of the mall , the portion facing the Long Island Expressway , is owned by investor Albert Malekan .
The deal closed on July 28 , 2022 and was recorded on August 3 , 2022 . The property has 33,390 square feet of built space and 8,262 square feet of additional air rights for a total buildable of 41,312 square feet according to PincusCo analysis of city data . The sale price per built square foot is $ 958 and the price per buildable square foot is $ 774 per the PincusCo analysis . ( The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold .)
The signatory for Alfredo Li was Alfredo Li . The signatory for Ui Kun Lee was Hye-Chun Lee . Robert Khodadadian led a team from Skyline Properties that also included Daniel Shirazi and Stephen Tang , that brokered both sides of the deal .
Credit and national tenants in the mall include the Chase , United States Postal Office , Walgreens , UPS , Red Mango and Subway . The deal traded at a 4.6 percent cap rate , according to a person familiar with the deal .