Marcus & Millichap has arranged the sale of a 48-unit property located at 31-65 29th St. in the Astoria neighborhood of Queens, New York City. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef assisted the seller, a private investor, in the $16.7 million deal.
According to public records, the buyer, another private investor, took out a $9.5 million loan from JPMorgan Chase. The building was listed for sale right before the 2019 Housing Stability and Tenant Protection Act, with the transaction closing virtually at the end of last month.
Built in 1928, the six-story community includes 39,549 gross square feet. The asset comprises five studios, 19 one-, 19 two- and five three-bedroom units. Located between 31st Avenue and Broadway, the property is within walking distance of several subway and bus stations. LaGuardia Airport is 3 miles away. The asset is also a mile from Interstate 278 and 4 miles from a 60-unit community in Midtown Manhattan which recently received refinancing.