(Read more on the multifamily market.)

[IMGCAP(1)]NEW YORK CITY-The Schneider family sold its 40,000-sf property at 45-16 44th St. in the Sunnyside neighborhood of Queens for $6.6. The selling price is 13 times the property’s gross rent.

This six-story residential elevator apartment building consists of 46 units. A source close to the deal tells GlobeSt.com that the buyer is a local Manhattan/Queens investor whose name cannot be disclosed at this time.

[IMGCAP(2)]The source notes that after 40 years of owning and maintaining the property and receiving numerous offers, the seller felt that this particularly high offer could not be refused. “The time had come to sell and focus their attention on other real estate endeavors,” the source explains.

“This transaction was completely off market,” notes Michael Kerwin, senior broker at GFI Realty Services Inc., who, along with senior broker Yosef Katz, brokered the sale. “The buyer jumped at the chance to own one of the few available rental properties in this area.” Kerwin adds that the buyer plans to hold on to the property long-term.

“This building is immaculate and located on a quiet residential, tree-lined block in Queens,” Katz notes. “It is within walking distance of the subway and buses that take only 15 minutes to reach midtown Manhattan.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.