The Reel

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A blog for breaking sales and neighborhood real estate news.

An apartment building at 87-21 87th Street located between Jamaica and 88th Avenues in the Woodhaven neighborhood of Queens, was sold in an all-cash transaction valued at $5,050,000.

The 35-unit, four-story walkup building contains approximately 28,100 square feet and sits on a 100’ x 100’ lot. It consists of two studios, 29 one-bedroom apartments, three two-bedroom apartments, and one three-bedroom apartment. The sale price equates to approximately $180 per square foot, $144,285 per unit, a cap rate of 5.30%, and 10.01 GRM.

The building is ideally located just south of Jamaica Avenue and two blocks from the J train at Forest parkway.

“Due to the lack of similar properties available and our marketing process, we were able to achieve a sale price which exceeded the asking price,” said Massey Knakal’s Thomas A. Donovan, who exclusively handled this transaction with Brian Sarath.

Click here for press release

Neighborhoods: Woodhaven