Astoria/Long Island City Transactions Report | Investment Property Sales

Written by Rubin S. Isak, President & Founder | Goldenwood Property Advisors
As published in the New York Real Estate Journal
NYREJ Link to Article is here: http://bit.ly/astorialic [http://bit.ly/astorialic]
Below I will highlight details on the most recent Astoria & Long Island City commercial
& investment property sales:

  1. 18-31 42nd Street, Astoria – Sold on November 2, 2016 for $2,700,000. The subject property is a 7,180 square foot warehouse + office building situated on a 100′ x 100′ lot. It is located on 42nd Street between 19th Avenue and Berian Street in Astoria, NY. The seller, Lorenzo Devardo, purchased the building in April 2007 for $730,000. The purchaser is Barry McKenna based out of Astoria. The purchase price equates to $376/SF.
  2. 23-08 Newtown Avenue, Astoria(“Newtown Hall”)- Sold on November 1, 2016 for $21,500,000. The subject property is a 47,636 Square Foot, 58-Unit, 4-Story, Walk-up Apartment building. It is located on the corner of Newtown Avenue and 23rd Street. The Sellers, The Partridge Family, owned the building for over 38 years. The Purchaser is Jorge Bolanos based out of Garden City, NY. The sales price equates to $370,689/Unit and $451/SF. The Gross Rent Multiple is approximately 18.7X and the Capitalization Rate was roughly 3%.
  3. 2818-2822 Steinway Street, Astoria – Sold on November 4, 2016 for $12,500,000. The subject property is a 24,600 Square Foot, 4-Story + Cellar, Elevator Office Building with Ground Floor Retail and Bank space. The seller, Malachite Group based out of Mineloa, purchased this building in March 2006 for $7,450,000. The Purchaser is  Criterion Group, based out of Long Island City. The sales price equates $508/SF.
  4. 2533-2544 Broadway, Long Island City – Sold on November 1, 2016 for $7,250,000. The subject property is a 4-unit, single-story 10,000 square foot retail building situated on a 100′ x 100′ lot. The property is in a R6A/C2-3 zoning district, giving this property 30,000 Buildable Square Feet on a ground up development. The sales price equates to $725/SF Existing and $241/Buildable SF. The sellers, Steinway Holding Corp, owned the property for over 33 years. The Purchaser is Allen Rosenberg of the Alrose Group based out of Manhattan. UPDATE: This property traded again on Nov 29, 2016 for $12,500,000 to Pan Metron LLC, based out of Bayside, NY. This sales price equates to $1,250/SF and $416/Buildable SF.
  5. 32-84 Steinway Street, Astoria – Sold on November 1, 2016 for $7,250,000. The subject property is a corner, 8,420 square foot, single-story, 4-unit retail building. The lot is 105′ x 98′ and is situated in a C4-2A zone, boasting 28,350 Buildable Square Feet for a ground of development. The sales price equates to $861/SF existing and $255/Buildable SF. The sellers, Steinway Holding Corp, owned the property for over 40 years. The Purchaser is Allen Rosenberg of the Alrose Group based out of Manhattan.
  6. 36-36 38th Street, Long Island City – Sold on November 3, 2016 for $3,200,000. The subject property is an 8,375 Square Foot building on a 7,500 Square Foot Lot. The sellers have owned the building since 1983. The Purchasers are based out of Manhattan. The sales price equates to $382/SF.
  7. 27-47 Crescent Street, Astoria – Sold on October 17, 2016 for $8,500,000. The subject property is 2-story, 20,000 square foot Medical Office Building. The sales price equates to $425/SF. The sellers have owned the property for over 23 years. The Purchasers, RockFarmer Capital is based out of Douglaston, NY.
  8. 22-11 Steinway Street, Astoria – Sold on November 17, 2016 for $2,300,000. The subject property is located between Ditmars Boulevard and 23rd Avenue. It is a 3 Story, 4,200 Square Foot, Mixed-use building containing 5 Apartments and 1 Store. The sales price equates to $547/SF, 21.8X the Gross Rent and a Capitalization Rate of 3.54%.The property has been family owned for over 50 years. The Purchaser is Peter Giannopoulos based out of Whitestone, NY.

Astoria and Long Island City property is selling at all-time record highs, with
no slowdown in sight: 3% cap rates (some sales even at sub 3% cap levels); Price
Per buildable square foot for land is selling at mid to high $200’s and even in
the $300+/Buildable SF range; We are seeing record breaking Price Per SF & Price
Per Unit numbers as well. To say this is a strong market is an understatement. Investors
continue to put their money to work here. The proof is in the numbers.

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About rubinisak

Exclusively representing sellers of investment property in NYC and the Outer Boroughs.
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