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Queens Chronicle

Library buys space in Flushing apt. building

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Posted: Thursday, December 22, 2011 12:00 pm | Updated: 12:55 pm, Thu Dec 29, 2011.

The Queens Public Library has purchased seven adjoining street-level commercial units at 31-32 Union St. in Flushing for future customer service use.

The space, totaling more than 10,000 square feet, was acquired from DelShah Capital, owner of Sunrise Terrace, a building with 32 residential units at the corner of Union and 32nd Avenue.

According to library spokeswoman Joanne King, the $3.5 million deal was too good to pass up.

“There was an opportunity to purchase the space at a very reasonable rate because of the situation in the building, and the library took advantage of the market,” King said. “We have several locations in the immediate area that are all very heavily used, so we know we’re going to use it for customer service.”

She said that it would be at least a year, maybe more, before the space is used, and that it could be a new branch, a replacement branch or a specialized library providing specific services.

“All of that is still up in the air, but the important thing is that we will be using it for customer service,” King added.

DelShah Capital said it purchased the senior mortgage for the building in 2009 and then went through complex foreclosure litigation and took title to the seven commercial units — as well as 17 unsold residential units — in September.

“The library is a great, great tenant, and that is one of the things that attracted me to the deal,” said DelShah CEO Michael Shah.

“They got a little bit of a deal because they bought all seven units at once, but they also got a deal because whatever they put in is going to be an amenity to the residents upstairs and the community,” he added.

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