NEW YORK CITY-While large Manhattanoffice transactions are leading the New York Citymarket this year, the outer-boroughs--particularly Queens, theBronx and Brooklyn--are showing high dollar volume in themultifamily property sector, according to a new report fromMassey Knakal Realty Services. In particular, onefamiliar property off the Grand Central Parkway, thethree-building, 240-unit Monte Excelsior in Little Neck, Queens,traded for $58.25 million near the end of the second quarter,making up 36% of the total dollar volume in Q2 for the borough.

From a market perspective, Thomas A. Donovan,managing director and partner at Massey Knakal’s Forest Hills, NYoffice, says the sale of the building is a sign that demand forluxury rentals is growing in Northeast Queens. “It was aninteresting deal because for an asset that’s not near publictransportation, it was amazing because of the size and thelocation,” Donovan, who represents Queens and Long Island, tellsGlobeSt.com. He says though the property is not located near theLong Island Rail Road, the building--at 245-10/20/30 Grand CentralParkway--is directly accessible by car via exit 24 on the serviceroad. It was sold to GF Grand Central LLC andBLDG HH Superior LLC at the end of May 2011 aftera competitive bidding process. “It was all really large and verystrong owners and developers,” Donovan added.

With 80 units in each building, the property features a communallobby that links the complex together, as well as a pool andrecreation areas for tenants. The site also features 200,000 squarefeet of buildable space. Rents range from $1,100-1,200 forone-bedrooms, $1,400 for two-bedrooms, and larger units run as highas $2,200 to $2,300 per month.