The Reel

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A blog for breaking sales and neighborhood real estate news.

A corner brick walk-up apartment building at 143-28 Cherry Avenue located on the corner of Cherry Avenue and Smart Street in the heart of Flushing, Queens sold in an all cash transaction valued at $1,825,000.

The four-story, 12,915 square foot building, consists of 16 one-bedroom apartments and four studios; 19 of which are rent stabilized units and one rent control unit. The building has No. 2 oil with a full basement, a newer roof and updated electric with circuit breakers. The property is located just blocks from Downtown Flushing, Flushing Hospital, Van Wyck Expressway, LIE and public transportation. The sales price represented a 6.5% capitalization rate and $91,250 per unit.

Neighborhoods: Flushing/ Agents: Stephen Preuss