Forest Hills-based Platinum Realty has acquired the two-story commercial building at 115-06 Myrtle Avenue, located on the corner of 115th Street in Richmond Hill, for $3.7 million, Commercial Observer reported. The sale comes after the previous owners began marketing the site, which consists of four parcels, back in November of 2015. The site could accommodate a mixed-use project, with commercial and residential space, of up to 26,524 square feet, as-of-right. A new development could grow to 70,000 square feet if it includes affordable residential units and benefits from the inclusionary housing zoning bonus. The new owner’s plans have not been disclosed. All of the parcels are vacant or have been vacated.
115-06 Myrtle Avenue
The owner of the two-story commercial building at 115-06 Myrtle Avenue, in Richmond Hill, just four blocks from the J train’s stop at 111th Street, is looking to sell the property as a development site, according to Commercial Observer. Suzuki Capital is marketing the site, which has 26,524 square feet of building potential, but that figure increases to 70,000 square feet with inclusionary housing. The assemblage consists of four parcels and is expected to sell for between $4.5 and $5.3 million.