Silvershore Properties’ Queens Community Up for Grabs
- May 24, 2017
Jason Silverstein and David Shorenstein’s Silvershore Properties announced the disposition plan of 43-05 Forley St. in the Elmhurst neighborhood of Queens. Greysteel Senior Investment Associates Michael Stimler and Ari Azarbarzin are leading the team that will serve as exclusive advisors for the asset’s sale. The apartment building last traded in 2013 for a reported $1.9 million, public records show.
Located minutes away from Roosevelt Avenue retail corridor, the building is in the vicinity of Pan American High School, restaurants and Veterans Grove Park. The property also has immediate access to subway stations, commuter rails, and is 9 miles away from Manhattan and a short drive away from LaGuardia Airport.
According to PropertyShark data, the 20-unit, four-story property was built in 1936 and comprises 16,936 square feet of residential space. Amenities include a secure lobby and plenty of parking space. Nineteen of the 20 units are rent stabilized, with average two-bedroom rents of $1,562 per month.
“Future ownership can enjoy stable cash flow and benefit from Queens’ low vacancy rates,” Stimler said in a prepared statement.
Image via GoogleMaps