Rosewood Closes $83M Queens Sale

President Aaron Jungreis represented both the seller and the buyer in the exchange of the 343-unit portfolio. The seven buildings were constructed between 1913 and 1941.

Commercial brokerage firm Rosewood Realty Group has closed the $82.8 million sale of a seven-building, 343-unit multifamily portfolio in the New York borough of Queens. Rosewood President Aaron Jungreis worked on behalf of both buyer A & E Real Estate Holdings and seller Ares Management. Constructed between 1913 and 1941, the buildings also include six retail spaces and are located across Flushing, Sunnyside, Astoria and Elmhurst.

Over the past three years, A & E has acquired more than 40 multifamily buildings from Ares Management’s New York City holdings.

Five of the buildings are four-story walk-ups:

  • 40-11 79th St. in Elmhurst
  • 41-41 44th St. in Sunnyside
  • 47-07 39th St. in Sunnyside
  • 151-10 35th Ave. in Flushing
  • 22-73 41st St. in Astoria

Two of the buildings have six stories and are served by elevators:

  • 132-70 Sanford Ave. in Flushing
  • 42-29 Judge St. in Elmhurst

Well-located properties

The 48-unit building at 41-41 44th St. and the 56-unit property at 47-07 39th St., both in Sunnyside, are located within a 15-minute walk of each other, both close to retail and Subway stops along Queens Boulevard. The latter also includes five street-level retail spaces.

The 48-unit 40-11 79th St. and the 41-unit 42-29 Judge St., both in Elmhurst, are situated close to the Elmhurst Hospital Center, as well as within walking distance of several Metro stations. Two retail corridors—along Roosevelt and 37th avenues—are also located within easy reach. The properties sit a few blocks east of Brooklyn Queens Expressway/Interstate 278.

The building at 22-73 41st St. in Astoria includes 23 rental units, as well as one ground-floor retail space currently occupied by a grocery store. The property is located about two miles west of LaGuardia Airport, just north of Grand Central Parkway.

The building at 132-70 Sanford Ave. includes 77 rental units. The property is situated close to Flushing Meadows-Corona Park, as well as to dense retail areas, including the Skyview Center shopping mall. The second property in Flushing, a 51-unit asset at 151-10 35th Ave., is located across the street from the Korean Church of Greater New York and close to retail areas along Northern Boulevard.

Images courtesy of Rosewood Realty

If you’d like to be featured in Brokers’ Corner, send your deal to Adelina Osan.