By Jeff Hamann
Henley USA, a private equity real estate investor, has acquired a multifamily property in Queens from the Domain Cos. The two buildings sold for $23 million, and the sale was financed with a $17.7 million mortgage held by Arbor Realty Trust, according to public records.
Located at 33-53 82nd St., and 33-54 83rd St., in the Jackson Heights neighborhood, the property has been rebranded as Hayes Court, part of the owner’s Henley City Living brand. The two buildings are located within one mile of Interstate 278 and half a mile from the 82nd Street subway station on the MTA’s Flushing Local line.
Built in 1920, the five-story mirrored buildings feature 56 residential units and six commercial suites, totaling 54,264 square feet. Henley plans to begin renovation work on the asset to update common areas, add bedrooms to some larger units and replace the property’s outdated heating system.
Rent prices in the area have been on the rise throughout the region, and Jackson Heights is no exception. The median rental price in the neighborhood for the second quarter of 2017 was $2,300 for a two-bedroom apartment, according to a RentHop report.
“As demand for rental units in Manhattan continues to climb, Henley USA has recognized the Jackson Heights area as both an affordable and popular area for renters within the New York City Metro area. This acquisition provides us with an exceptional opportunity to purchase a high-quality asset in a prime location, with excellent access to Manhattan,” said Garrett Solomon, president of Henley USA, in a prepared statement. “Through planned renovations, active management, as well as the installation and use of the latest in-home technology, we are confident that this asset will deliver exceptional returns.”
Image via Google Street View