Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Apartment Building In Elmhurst

08/08/2013

An apartment building at 95-06 41st Avenue, located on the corner of 41st Avenue and 95th Streetin the Elmhurst neighborhood of Queens, was sold in an all-cash transaction valued at $1,760,000.

The four-story, 16-unit walk-up building contains approximately 13,020 square feet and sits on a 35.67’ x 102’ irregular lot.  It consists of one studio, 11 one-bedroom, and four two-bedroom apartments.  The sale price equates to approximately $135 per square foot.

This property presents tremendous upside potential, in one of New York City’s most diverse neighborhoods.  Transportation is easily accessible, with bus lines servicing the area and the 7 train at Junction Boulevard a short walk away.

“The building was not in the best shape and required some hands on management, but we were able to find the perfect buyer for it,” said Massey Knakal Partner Thomas A. Donovan, who exclusively handled this transaction.  “The buyer turned out to be an investor, with whom we have a good relationship, who just happened to own the property next door,” he continued.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

08/08/2013 - 08:08

Source

Cushman & Wakefield Capital Markets Group New York

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