Rosewood Realty Group has completed the off-market sale of a two-building retail property at 40-02 and 40-18 Queens Boulevard in the Sunnyside neighborhood of Queens. The transaction was priced at $16,250,000 and involved a transfer between two long-established ownership families.
The properties had been held by the Schoellnast family since 1929, spanning multiple economic cycles and market shifts in New York City. Their decision to sell brought an end to a decades-long ownership period for the retail assets along this busy Queens corridor.
Rosewood brokers Joseph Khalili and Ben Khakshoor held the exclusive listing assignment for the Queens Boulevard buildings. According to Rosewood, the assets were marketed and transacted off-market, with the Koptiev family emerging as the buyer.
The Koptiev family closed on the acquisition on an all-cash basis in under 90 days. The efficiency of the closing timeline, combined with the off-market structure of the deal, highlights the buyer’s ability to move quickly once the opportunity was identified and the seller’s willingness to transact discreetly.
The Sunnyside asset consists of a two-building retail strip totaling 13 tenants. Current occupants include Capital One Bank, Courtyard Ale House, Lowery Liquor, and Sunnyside Hardware, among others. These tenants help anchor the property’s position on Queens Boulevard, which is described as one of the busiest corridors in the borough.
In addition to its in-place tenant roster, the property comes with unused air rights, providing the new ownership with a potential future development or expansion angle. Rosewood highlighted these air rights as a key element that makes the acquisition more than a straightforward stabilized retail purchase.
Reflecting on the handoff between the families, Khalili noted that the Schoellnast family had held the buildings through the Depression and multiple city cycles. He said they entrusted the sale to Rosewood, which then arranged a quiet process, identified the buyer, and brought the transaction to a clean closing. He also emphasized that the air rights component gives the buyer an additional layer of opportunity beyond the existing income from the retail strip.
