The property where Portofino Ristorante is located was sold for $12.25 million on Nov. 3 (Photo Queens Post file)
Nov. 11, 2022 By Czarinna Andres
A prominent piece of commercial real estate in Forest Hills changed hands earlier this month and the landlord has no intention to displace the existing tenants.
The property, 109-32 Ascan Ave., was sold for $12.25 million on Nov. 3 by Neos Realty Corp to 44-74 21st Street Realty, LLC. The 10,000 square foot building is located on the southeast corner of Queens Boulevard and Ascan Avenue and is currently occupied by Foodtown Grocery and Portofino Italian Ristorante.
The sale was brokered by RIPCO Real Estate, an independent full-service brokerage in the tri-state, which said that the current tenants were staying.
Foodtown has a lease in place through August 2028, with the option to extend it to 2043. While the details of the Portofino lease were not disclosed, the restaurant has been at that location for more than 45 years.
RIPCO said that the property was in high demand and the seller got a good price. It was the first time in more than 60 years that it was placed on the market.
“The property was highly sought after due to its Main & Main location in Forest Hills. The seller was able to exit the property at a top-of-the-market price of over $1,225 per square foot.” said Kevin Schmitz, Managing Director Investment Sales for RIPCO, in a statement.
4 Comments
The buyer was represented by Ami Efrati from Entrepreneur Properties NYC, a commercial real estate brokerage company that specializes in acquisitions and dispositions of commercial property in NYC since 2011.
Get ready. 2028 new construction begins.
Foodtown/Orchard could’ve easily paid for that with the 25% increase on everything in the store this past year.
I wager we are a few years out from it becoming another “Luxury” Condo/Co-Op. I highly doubt it will remain a restaurant for long. The lease will not be renewed. Sadly.