NEW YORK CITY-BRG has bought 561 units across a19 building portfolio in the Queens neighborhoods of JacksonHeights, Elmhurst and Corona for over $68 million. The companyclearly likes the area—it owns approximately 1,500 units in theimmediate vicinity.

The seller, a real estate investment group, was represented bytwo brokerage firms: Ariel Property Advisors andRosewood Realty. Ariel's ShimonShkury, president, and VPs MichaelTortorici, Victor Sozio andJonathan Berman and Randy Modellrepresented the seller on five of the buildings—with 311 units thatsold for approximately $38 million–while AaronJungreis, president, Rosewood represented the same selleron a portfolio of fourteen buildings with 250 units that sold forover $30 million.

Says Shkury, “It's rare to see multifamily properties,especially elevatored buildings, in great neighborhoods like thischange hands in Queens. This package is a testament to the strengthof the borough from the point of view of both institutional andprivate clients. So far, 2013 is shaping up to be a record year forQueens in terms of the velocity and pricing of multifamilyassets.”

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.