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

Massey Knakal Sells Apartment Complex In Howard Beach

06/11/2014

An apartment complex at 155-02/16 79th Street located between 155th and 156th Avenues in the Howard Beach neighborhood of Queens, was sold in an all-cash transaction valued at $4,000,000.

The property consists of seven contiguous lots with a total of seven six-family apartment buildings combining for approximately 26,186 square feet.  The 42 units consist of 14 studios and 28 one-bedroom apartments, many of which have balconies. All of the apartments, except for one, are free market and not subject to rent stabilization guidelines. Each roof was redone in 2004 and the boilers and hot water heaters were replaced in 2013. The property also features parking for approximately 20 vehicles. The sale price equates to approximately $153 per square foot.

The complex is located in a pristine residential neighborhood and is in close proximity to Cross Bay Boulevard, the Belt Parkway and the Q21 and Q41 bus lines.

“The seller bought these buildings from the original developer 37 years ago and kept them in immaculate condition,” said Massey Knakal’s Brian Sarath, who exclusively handled this transaction.  “Because of the condition and the free market status of the buildings, we were able to achieve the asking price in just one week,” he added.

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.

www.masseyknakal.com

06/11/2014 - 11:27

Source

Cushman & Wakefield Capital Markets Group New York

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