NEW YORK CITY-The Opal, a 388-unit luxury rental apartment complex in the Kew Gardens Hills section of Queens, is hitting the sales block. Cushman & Wakefield said Tuesday that it has been retained by 153rd Street Associates to sell the multifamily property at 75-25 153rd St. in Kew Gardens Hills.
The asking price was not disclosed in a release announcing the assignment, and a C&W spokesman told GlobeSt.com the sellers declined to provide the information. Published reports show that the Dermot Co., which developed the 14-story Opal in partnership with the AFL-CIO Building Investment Trust, secured more than $100 million in permanent financing through American Property Finance in December 2004.
In a release, Dermot COO Steve Benjamin says the Opal has generated “strong performance in the past and we are optimistic that a moderate renovation will drive future rental rates. In a top-tier location, the Opal should strongly benefit from increasing resident demand in the Borough of Queens.”
The Opal received a 25-year 421a real estate tax abatement under New York City's 80/20 Inclusionary Housing Program. The property also benefits from favorable assumable HFA bond financing through May of 2036, the release states.
A C&W New York Capital Markets team of Steve Kohn, Helen Hwang and Nat Rockett, along with Brian Whitmer from the firm's East Rutherford, NJ office, are leading the marketing effort. “The location is great for professionals, students and families; it's close to Touro College, St. John's University, Queens College and numerous employment centers, and 15 minutes from both JFK and LaGuardia airports,” Hwang says in a release.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.