NEW YORK CITY-An elevator apartment building at 82-67 Austin St. in the Kew Gardens section of Queens has traded for $19.5 million, GlobeSt.com has exclusively learned. The sale price for the all-cash transaction came out to $157 per square foot. Buyer and seller were not disclosed.

“Due to the limited supply of available large elevator apartment buildings in close proximity to public transportation, coupled with the meticulous condition of the building with zero violations, we were ultimately able to sell Austin Street for a notable 5.2% cap rate,” says Masey Knakal Realty Services’ Brian Sarath, who handled the transaction with CEO Paul J. Massey Jr. He adds, “The demand for this type of asset continues to be the strongest in this market due to the limited supply and the overwhelming appeal this type of investment has for lending institutions. This sale is a testament to the strength of today’s market for core assets.”

The nine-story property is approximately 124,343 square feet and sits on a 200’ x 100’ lot.  There are 144 residential units, including 92 rent-stabilized units, 48 fair market units and four rent-controlled units. The building, which has undergone several recent improvements, sits across the street from the Long Island Rail Road’s Kew Gardens station.

According to Massey Knakal’s year-end property report, elevator apartment buildings in Queens traded at an average cap rate of 6.03%. A spokeswoman for Massey Knakal tells GlobeSt.com that the gross rent multiplier on 82-67 Austin is 9.2.