Asset CRG was retained to sell the property at 108-03 Atlantic Avenue, Richmond Hill, NY 11418. This one-story retail building, constructed in 2017, encompasses 13,403 square feet on a 19,491-square-foot lot, offering a total buildable area of 58,473 square feet.
Initially, the property entered into a contract; however, during the pandemic, it lost two tenants, leading to the contract's termination. Demonstrating resilience and strategic leasing efforts, Asset CRG successfully secured a new buyer at $8,600,000—$250,000 above the original contract price—within 30 days of relisting. This sale reflects a price of approximately $641.64 per built square foot and $147.07 per buildable square foot, underscoring the team's adeptness in navigating market challenges and maximizing property value.
The building currently houses a Dollar Tree store, providing essential retail services to the Richmond Hill community. This transaction highlights the dynamic nature of the real estate market and the importance of proactive property management and leasing strategies, especially during challenging times.
