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Bank of America building in Bayside sells for $13.5 million

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The building occupied by Bank of America in Bayside’s business district was purchased for $13.5 million and will now belong to Forest Hills resident Hersel Sonbolian, the brokerage firm announced.

Cushman & Wakefield negotiated the purchase from the old owner, Midwood Investment & Development, for the building that has not only the bank but also Waggers Dog Daycare and Erawan Thai Cuisine.

“42-31 Bell Boulevard presented the buyer with an exceptional opportunity to acquire a fully leased, zero-maintenance property,” said James Nelson of Cushman & Wakefield. “The property is located in a prime retail destination in Queens and offers the potential for significant expansion.”

Bank of America and Erawan have leases through 2024, while the dog day care’s lease expires in 2019, according to a release.

The 10,000-square-foot building has a 20-car parking lot and up to 22,000 square feet of air rights.

Cushman & Wakefield is a global real estate services firm that operates in nearly 70 countries.

Reach reporter Mark Hallum by e-mail at mhallum@cnglocal.com or by phone at (718) 260–4564.

Posted 12:00 am, January 16, 2018
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