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A multifamily portfolio consisting of four buildings in the heart of Astoria, Queens was sold in an all cash transaction valued at $30,100,000. The buildings are located at 25-21 31st Avenue, 31-49 29th Street, 29-07 31st Avenue and 30-95 29th Street.

The buildings consist of 220 residential units (three which are super’s units) which total approximately 165,675 gross square feet. Out of the 217 residential units, 211 are rent stabilized and six are rent controlled. The unit mix consists of 62 studios, 114 one-bedrooms, and 41 two-bedrooms. Residents enter each building through a central courtyard which has multiple entrances. The four buildings are located two blocks from Broadway where the main retail corridor and N/Q subway line are located.

“This transaction began as a tax motivated sale given the anticipation of an increase in the capital gains tax. Even after congress extended the current rates, there was so much momentum here that all parties continued to the finish line,” said Massey Knakal Chairman and Partner Robert A. Knakal who exclusively handled this transaction with First Vice President of Sales Al Holloman.

The buyer was represented by Aaron Jungreis, President of Rosewood Realty Group who said, “The buyer signed and closed this deal in only six days and moved like lightning to get it done. Working with the Massey Knakal team was great and our collaborative efforts were able to get it done.”

Click here for press release

Neighborhoods: Astoria