61-01 Springfield Boulevard Case Study
Queens Retail Center: A 40-Year Hold Exits at $32M
84,000 SF
2022
Overview
The $32M sale of 61-01 Springfield Boulevard transferred an 84,000 SF Queens retail center from a seller who had held it for 40 years to the Lee Family. National tenants USPS, Walgreens, Chase Bank and UPS anchor the property, and it comes with a 100-car parking lot. The Real Deal reported the trade as leading New York's mid-market investment sales when it closed in 2022.
The Challenge
After a four-decade family hold, the decision to sell weighs as much as the price. The value rested on a national-credit tenant roster and parking that can't be replaced, and both favor a targeted process over broad public marketing.
Our Approach
Skyline Properties marketed the center on its credit tenancy (USPS, Walgreens, Chase Bank, UPS) and its 100-car parking field, and went to private investors who underwrite stable, national-tenant retail in the boroughs.
The Result
The Lee Family bought the center for $32 million, which The Real Deal reported as the deal leading NYC's mid-market sales that week. The 40-year ownership got a clean exit at institutional-quality pricing.
Key Takeaways
- National-credit tenant roster (USPS, Walgreens, Chase, UPS) drove institutional-quality pricing
- Reported by The Real Deal as leading NYC's mid-market sales at closing
- A 40-year family hold exited in a single, targeted transaction
- Outer-borough retail with parking remains deeply liquid for private capital
Press Coverage
2 articles · 2 outletsFrequently Asked Questions
Who brokered the sale of 61-01 Springfield Boulevard?
Robert Khodadadian of Skyline Properties brokered the $32M sale of the Oakland Gardens retail center from Mandarin Realty NY LLC to the Lee Family in 2022.
How much did the Springfield Boulevard retail center sell for?
The 84,000 SF center sold for $32 million in 2022. The Real Deal reported it as the deal leading New York's mid-market investment sales.
What made 61-01 Springfield Boulevard valuable?
National-credit anchor tenants (USPS, Walgreens, Chase Bank and UPS) and a 100-car parking lot. The same family had owned it for 40 years before the sale.
Deal Metrics
Transaction Parties
Buyer
Lee Family (Ui Kun Lee)
Seller
Alfredo Li via Mandarin Realty NY LLC
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More press on 61-01 Springfield Boulevard
1 press features covering the $32M transaction at 61-01 Springfield Boulevard.
Price, buyer, seller, $/SF, source citations
