Large Queens Multifamily Property Trades
The 32,184-square-foot multifamily property closed at $4.7 million, or approximately $149 per square foot.
NEW YORK CITY- Cushman & Wakefield has closed the sale of 111-17 Northern Boulevard, a 32,184-square-foot multifamily property in Corona, Queens. The final closing price was $4.7 million, or approximately $149 per square foot.
Cushman’s Stephen Preuss and Kevin Louie represented the seller, Sing & Mehta in the transaction. Amit Doshi of Meridian Capital Group represented the buyer Carmelle Bellefleur.
“This well-maintained property will prove to be a sound, long-term investment,” Preuss said in a prepared statement. “As developers continue to seek out opportunities along the 7 train in Queens, new ownership will benefit from the increased interest in the neighborhood.”
The 38-unit walk-up property at 111-17 Northern Boulevard is a four-story brick corner apartment building.features 29 one-bedroom and 9 two-bedroom units, averaging approximately 600 and 900 square feet, respectively. The building is well-maintained with a new dual-fuel boiler and digital intercom and security system. There is currently a pending MCI of $10 per room.
The property is conveniently located off Grand Central Parkway and Van Wyck Expressway and is within walking distance to the 7 train and different bus lines on Northern Boulevard.