HelmsleySpear, LLC, America’s oldest continuously operating real estate firm that was founded in 1866, is pleased to announce that Gregg B. Slotnick, Vice President, has sold a commercial building located at 19-40 Flushing Avenue Ridgewood, Queens for $10,500,000. This sale was announced by Kent M. Swig, President of HelmsleySpear.

“We are very pleased that HelmsleySpear continues as a leader in sales in the commercial marketplace and once again congratulate Gregg on yet another deal he has closed.” said Kent Swig.

Tri-Boro Shelving, based in Farmville, Va., bought this 25,234-square-foot, one-story warehouse, at $416.10 a square foot, and is renovating it. The warehouse features 17-foot ceilings, eight loading docks and 8,000 square feet of outdoor parking. The sale was a 1031 exchange, which allowed the buyer to defer capital gain taxes after selling its Wythe Avenue building in Brooklyn for $26 million.

“This highly-successful transaction represents the strength and desirability of the commercial market in Ridgewood, Queens and its surrounding area. This area presents buyers with a great central location and highly desirable expansive space,” said Gregg Slotnick.

About HelmsleySpear

Since 1866, HelmsleySpear has been a leader in commercial real estate creating legendary deals that are the cornerstones of the real estate industry and is the oldest, continually operating real estate firm in America. Evolving from a real estate appraisal company to a full-service firm providing highly skilled, professional performance and bottom-line profitability for its clients, HelmsleySpear provides property owners and users of real estate with a full array of services including: office and retail leasing; property and asset management; capital advisory services; investment sales and financing; project development and construction management; preventative maintenance and engineering; insurance services and appraisal. HelmsleySpear is independently owned and operated with offices in New York City.