Massey Knakal Sells Apartment Building In Woodhaven
An apartment building at 87-21 87th Street located between Jamaica and 88th Avenues in the Woodhaven neighborhood of Queens, was sold in an all-cash transaction valued at $5,050,000.
The 35-unit, four-story walkup building contains approximately 28,100 square feet and sits on a 100’ x 100’ lot. It consists of two studios, 29 one-bedroom apartments, three two-bedroom apartments, and one three-bedroom apartment. The sale price equates to approximately $180 per square foot, $144,285 per unit, a cap rate of 5.30%, and 10.01 GRM.
The building is ideally located just south of Jamaica Avenue and two blocks from the J train at Forest parkway.
“Due to the lack of similar properties available and our marketing process, we were able to achieve a sale price which exceeded the asking price,” said Massey Knakal’s Thomas A. Donovan, who exclusively handled this transaction with Brian Sarath.
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.