Sale of 7102 Myrtle Ave | Glendale, Queens, NY

At Matthews™, we are proud to present the successful sale of 7102 Myrtle Avenue, a mixed-use corner property located in the bustling neighborhood of Glendale, Queens. This property, featuring four commercial units and three garages, sold for $1,775,000. This transaction exemplifies our ability to unlock a property’s full value, navigate complex challenges, and secure the best outcomes for our clients.

 

Unlocking Potential in a Value-Add Opportunity

This property represented a significant value-add opportunity, particularly through the conversion of existing office space into residential units. Originally, the building featured residential units, but the previous owner had converted them into offices to support their plumbing business. With 2,500 square feet of office space available, there was potential to reconfigure it into three to four residential units with efficient two-bedroom layouts, enhancing the property’s long-term value and appeal.

 

Strategic Exposure and Market Engagement

To maximize exposure, we executed an aggressive marketing campaign, leading to over 13 property tours and generating more than seven competitive offers. Our proactive approach and extensive network allowed us to collaborate effectively with a buyer’s broker, ultimately securing a deal that exceeded all other offers. In select cases, strategic collaboration proves essential to achieving the highest price and best terms for our clients.

 

Overcoming Environmental Challenges

Due to the complexities of the environmental condition, we advised the seller to seek proper legal counsel and introduced him to several experienced attorneys we had worked with previously. The chosen attorney lived up to their reputation, assisting the owner in structuring an environmental contingency that protected his interests, regardless of the Phase II report’s findings. Meanwhile, we continued marketing the property to ensure backup buyers were in-place, in the event the contract did not proceed as planned.

 

Our Results

• Investor Interest- The property generated strong market interest, with 13 tours and seven competitive offers.
• Sale Price- The property sold for $1,775,000, demonstrating strong demand for mixed-use assets in Glendale, Queens.
• Timeline- The deal was successfully closed within 52 days of a fully executed purchase and sale agreement following a Phase II examination.

 

Why Matthews™ REIS?

Our success at 7102 Myrtle Avenue underscores our ability to overcome challenges, craft compelling marketing narratives, and deliver top-dollar results. Whether you own a mixed-use property, development site, or retail asset, we specialize in maximizing your property’s value through a national marketing approach and hands-on service.

 

Discover the value of your property

If you own a property in Queens or beyond, we invite you to connect with Matthews™ to learn more about this success story and how we can help you achieve outstanding results.