Massey Knakal Sells An Elevator Apartment Building In Astoria
An elevator apartment building at 27-37 27th Street, located between 30th and Newtown Avenues in the Astoria section of Queens, was sold in an all-cash transaction valued at $11,500,000.
The four-story building is approximately 30,572 square feet and sits on a 143.33’ x 116.42’ lot. It contains 40 residential units, 18 parking spaces, a laundry room, and it is conveniently located a few blocks from the Q Train. The property has the possibility to add a full floor above, and the potential for medical space to be added to the lower level. The sale price equates to approximately $376 per square foot.
“Due to the lack of available inventory for elevator apartment buildings, we were able to achieve a sales price that equated to $287,500 per unit,” said Massey Knakal’s Evan J. Daniel, who exclusively handled this transaction with James P. Nelson. “Demand for multifamily income producing property, especially elevator apartment buildings, continues to be the most sought after asset class in Queens,” Evan Danieladded.
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.