Cushman & Wakefield to Bring 3 Queens Properties to Market
- May 31, 2018
Cushman & Wakefield has been tapped to sell three apartment buildings in the Astoria neighborhood of Queens. Thomas A. Donovan, vice chairman, will led the effort, along with directors Tommy Lin, Eugene Kim and Robert Rappa. The properties range in price from $4.25 million and $8.75 million.
The apartments include 33-14 28th St., a four-story walk-up building that includes nine one-bedroom units. Five units are market priced, three are rent stabilized and one is rent controlled. Three of the units will be delivered vacant. The asking price is $4.25 million.
Another property up for sale is 24-56 44th St., a brick four-story walk-up apartment building. The building is comprised of 24 rent-stabilized apartments, 20 of which are one-bedroom and four of which are studios with eat-in-kitchens. The asking price is $7.2 million.
Also for sale is 30-83 23rd St., a newly constructed five-story, elevator-serviced apartment building. The property consists of 14 one-bedroom apartments with a balcony and condo finishes, seven parking spaces, a community lounge area, a fitness room and a common rooftop deck. The asking price is $8.75 million.
Rents Dip Slightly in Astoria
Astoria is a strong rental neighborhood, though rent increases have leveled off recently, according to MNS. After a dip in March, the average price for a rental in Astoria continued to fall with average rents down 1.91 percent during April. One-bedroom units now fetching an average of $2,088 per month, compared with $2,102 a year earlier. The current Astoria one-bedroom average is slightly less than the average for Queens as a whole ($2,120 per month).
“These properties are located in the growing neighborhood of Astoria,” said Donovan. “33-14 28th Street and 24-56 44th Street both offer future investors upside potential, while acquiring the newly renovated 30-83 23rd Street would be an opportunity for an investor with a 1031 exchange.”