NEW YORK CITY—Two five-story walkup apartment buildings in Astoria, Queens have traded in a deal valued at $20.5 million.
Brokerage firm Marcus & Millichap reports that Takis Tsagronis sold the properties at 30-58 34th St. and 30-64 34th St. to Urban American of New York City.
The two buildings total 70 units. The sale equates to nearly $293,000 per unit. The properties total 49,600 square feet and feature 48 one-bedroom units, 16 two-bedroom apartments and six three-bedroom units.
“Under long-term ownership prior to the sale, the buildings provide the new owner with an opportunity for immediate upside through the capture of significant preferential rent,” says Peter Von Der Ahe of Marcus & Millichap's Manhattan office. “Astoria is also an excellent place to deploy a long-term hold strategy as it is one of fastest-growing markets in Queens and inventory there is scarce.”
Von Der Ahe, Joe Koicim, Shaun Riney, Noah Kossoff and Dylan Walsh of Marcus & Millichap represented Takis Tsagronis. Von Der Ahe, Koicim, Riney and Walsh procured the buyer in the transaction.
Brokerage firm Marcus & Millichap reports that Takis Tsagronis sold the properties at 30-58 34th St. and 30-64 34th St. to Urban American of
The two buildings total 70 units. The sale equates to nearly $293,000 per unit. The properties total 49,600 square feet and feature 48 one-bedroom units, 16 two-bedroom apartments and six three-bedroom units.
“Under long-term ownership prior to the sale, the buildings provide the new owner with an opportunity for immediate upside through the capture of significant preferential rent,” says Peter Von Der Ahe of Marcus & Millichap's Manhattan office. “Astoria is also an excellent place to deploy a long-term hold strategy as it is one of fastest-growing markets in Queens and inventory there is scarce.”
Von Der Ahe, Joe Koicim, Shaun Riney, Noah Kossoff and Dylan Walsh of Marcus & Millichap represented Takis Tsagronis. Von Der Ahe, Koicim, Riney and Walsh procured the buyer in the transaction.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
