Marcus & Millichap Arranges Sale of Mixed-Use Building in Jackson Heights

Known as The Roosevelt, the asset changed hands for $30 million.

by Gabriel Culcsar

The Roosevelt Building, Jackson Heights, New York

The Roosevelt Building, Jackson Heights, New York

New YorkMarcus & Millichap recently announced that its Institutional Property Advisors (IPA) division closed on the $30 million sale of a mixed-use building in the Jackson Heights submarket. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller and procured the buyer.

Located at 40-07 73rd St., The Roosevelt is a luxury mixed-use building that offers 31 residential units, 10 commercial tax lots and a parking garage. The building is positioned in an area with intense retail activity that offers access to the Jackson Heights NYC Subway station, as well as the Brooklyn Queens Expressway.

“Demand for New York City assets like The Roosevelt is fueled in part by the high price of single-family homes and the city’s long-term space constraints, which support effective rent growth and outsize price appreciation.” said Von Der Ahe in prepared remarks.

Image via Google Street View