Flushing Ave Property Sells for Almost Half Off

After what seems like forever (in reality it’s been a little under three years), the 20,000-square-foot commercial building at 156 Flushing Avenue across from the Navy Yard has finally sold. The final price is a lesson in what can happen when a seller is behind the curve on a falling market. The property was initially marketed jointly with an adjacent smaller building at 11 Vanderbilt Avenue for a combined price of $4,250,000. (You can check out a pdf of the original marketing doc here.) There’s no record of it yet, but we hear the Vanderbilt building went for around $800,000. The larger building on Flushing just closed in mid-February for $1,600,000 (barely more than $100 a foot!), so call it a combined sales price of $2,400,000. Combined, that’s not much more than the half the initial asking price. Unfortunately for the seller, if he’d just priced it initially in the low- to mid-$3-millions he probably would have sold it quickly and for a much higher price than he ended up with. GMAP