January 04, 2006
The free standing structure occupied by KFC at 82-23 Queens Boulevard in Elmhurst Queens was sold for $3,425,000 to a Queens developer who plans to build a residential rental with retail and medical use on the lower floors. The seller was a family that owned it since 1945. The KFC lease expires in August 2006 and they vacated early in order to consolidate. The sellers independent counsel was Nelson Willick of Wesport, CT while the buyer was represented by Joseph Misk of Ginsberg & Misk of Queens Village.
The property plot size is 80 x 142 with a zoning of R6 in a C2-3 overlay. The existing net income from the triple net KFC was $115,000 which equates to a yield of 3.35% on this investment. The property was sold, however, based on development potential and not on existing income. Rama Bassalali president of RMB Properties was the sole broker in this transaction which reprsented the long term ownership based in the west coast and the buyer, a local real estate developer with many years of experience in multi-family development in Queens and Long Island. The deal closed 5 months from contract signing.