April 7, 2020
Meridian Investment Sales’ Amit Doshi and Shallini Mehra recently closed on the sale of 111-17 Northern Blvd. in the North Corona neighborhood of Queens. The corner multifamily property sold for $4.875 million, at a cap rate of 5.6%.
Doshi and Mehra represented the seller, Singh & Mehta LLC, and the purchaser, Bellefleur Investments, both longtime clients of the duo. The seller was willing to sell in the current market in order to close on a 1031 exchange on Manhattan’s Lower East Side.
“In spite of the city’s standstill status amid COVID-19, we were able to close on this sale, which had a time-is-of the-essence looming,” said Doshi.
Meridian’s Simon Rosenfeld and Craig Berger arranged $3.4 million in financing for the acquisition, and an additional $6.1 million in financing to refinance a medical building owned by the purchaser at 175-02 Hillside Ave.
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