Queens Apartment Building Up for Grabs
- May 03, 2017
Queens started to gain quite the ground when it comes to high occupancy rates. Such is the case of 1683 George St., a 15,774-square-foot walk-up apartment building, located in the borough’s Ridgewood neighborhood, which just hit the market. Cushman & Wakefield’s Vice President Thomas Donovan, directors Tommy Lin and Eugene Kim and Associate Director Robert Rappa are the exclusive agents for the seller, an entity affiliated with real estate investor Cafo Boga, public records show. The asking price is $5.5 million.
According to PropertyShark data, the asset was built in 1927 and last traded in 1989. The four-story, 17-unit building comprises eight one-bedroom and seven two-bedroom apartments, but also two retail units on the ground floor. The construction faces George Street and Cypress Avenue and is located in the vicinity of retailers, fitness centers, restaurants, art galleries and even a storage facility. Also, the nearest school is less than 10 minutes away. Halsey Street station and the Myrtle-Wyckoff Avenues station complex are situated within walking distance.
Commercial tenants include a grocery store, a salon and T-Mobile & Nextel, with leases expiring in 2018 and 2021, respectively. In a market where residential rents are around $19 per square foot, the asset is suited for investors and 1031 exchange purchasers.
“Situated in the heart of a rapidly emerging submarket, 1683 George St. holds significant upside opportunities,” Donovan said in prepared remarks. “There is an abundance of new developments in the pipeline in Ridgewood and this dynamic sets the stage for increased rental revenue going forward,” he added.
Image courtesy of Cushman & Wakefield