Prominent Piece of Forest Hills Real Estate Sold, Tenants to Stay Put

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The property where Portofino Ristorante is located sold for $12.25 million on Nov. 3 (Queens Post file photo)

new moon 11, 2022 By Czarinna Andres

A prominent piece of commercial property in Forest Hills changed hands earlier this month and the landlord has no intention of displacing the existing tenants.

The property, 109-32 Ascan Ave., was sold by Neos Realty Corp to 44-74 21st Street Realty, LLC on Nov. 3 for $12.25 million. 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, a tri-state independent full-service brokerage, which said the current tenants are staying.

Foodtown has a lease in place until August 2028, with an option to extend it until 2043. While the details of the Portofino lease have not been released, the restaurant has been in that location for more than 45 years.

RIPCO said the property was in high demand and the seller got a good price. It was the first time it had been put on the market in over 60 years.

“The property was highly sought after because of its prime and prime 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.” Kevin Schmitz, Managing Director Investment Sales for RIPCO, said in a statement.

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