Astoria Apartment Building Trades In Virtual Transaction
Amid social isolation and national quarantine guidelines attributed to the current coronavirus pandemic, an Astoria, Queens apartment building at 31-65 29th St. has traded for $16.7 million.
NEW YORK CITY- Amid social isolation and national quarantine guidelines attributed to the current coronavirus pandemic, an Astoria, Queens apartment building at 31-65 29th St. has traded for $16.7 million. The sale of the 48-unit multifamily property was closed virtually despite immediate market challenges, according to John Krueger, vice president and regional manager of Marcus & Millichap’s Manhattan office.
The building was listed just before the Housing Stability Tenant Protection Act passed. The contract was signed months after the bill passed and closed virtually on March 24th. Marcus & Millichap’s Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef procured the buyer and represented the seller in the property transaction.
“Our Team continues work through these difficult times to facilitate closings and contract signings in Manhattan, Brooklyn & Queens to support our clients and help to achieve their goals,” Fotis said.
Situated between 31st Avenue and Broadway, 31-65 29th St., the pre-war elevator building in the heart of Astoria. The property, which contains approximately 39,549 gross square feet, comprises five studios, 19 one-bedrooms, 14 two-bedrooms, five two bedroom/two baths, and five three bedroom/two baths apartments. The total 48 apartments are situated across six stories.
According to a recent GlobeSt.com article, Astoria has become one of the most popular neighborhoods for Millennial renters.
Underway in Astoria, Queens is real estate development firm Cape Advisors’ 30-77 Vernon Boulevard, one of the largest new rental developments under construction in the submarket that will feature a total of 500 apartment units and is situated on Vernon Boulevard. While the area has seen some urban renewal in the past several years, the firm plans to further capitalize on the trend adding newer housing products to that market that offers a range of amenities attractive to Millenials, according to Craig Wood, CEO at the firm.
“We like to find areas that have a void and help to fill that void with high-quality products that will become part of the fabric of the neighborhood and benefit both residents and local businesses. With Astoria, we will be adding luxury rental units to a market that has been exploding in the past several years,” he said.