Massey Knakal Sells 103-Unit Apartment Building In Elmhurst
Anapartment building at 42-72 80th Street, located on the corner of 45th Avenue and 80th Street in the Elmhurst neighborhood of Queens, was sold in an all-cash transaction valued at $21,000,000.
The six-story elevator-serviced building contains approximately 89,000 square feet and sits on a 234’ x 105’ lot. It consists of 103 residential units, of which 95 are free market and eight are rent stabilized, and 21 indoor parking spaces. The building contains 18 studios, 42 one-bedroom apartments, and 43 two-bedroom apartments. Six of the units feature terraces/outdoor space. This property is ideal for condominium conversion. The sale price equates to approximately $236 per square foot.
The building is conveniently located just a few blocks from the M and R subway lines on Broadway, and in close proximity to various bus routes and major roads and highways.
“Due to our extensive marketing process coupled with the lack of available property on the market, we were able to achieve a strong sales price which equates to approximately $203,883 per unit,” said Massey Knakal’s Thomas A. Donovan, who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.