An elevator apartment building at 82-67 Austin Street, located on an entire blockfront of Austin Street between 82nd Drive/Mowbray Drive and Lefferts Boulevard in Kew Gardens, Queens, was sold in an all cash transaction valued at $19,525,000.
The nine-story property is approximately 124,343 square feet and sits on a 200’ x 100’ lot. There are 144 residential units which include 92 rent stabilized units, 48 fair market units, and four rent controlled units. The building has been meticulously maintained with many recent improvements. The building is conveniently located directly across the street from the LIRR Kew Gardens Station. The sale price equates to $157 per square foot.
“Due to the limited supply of available large elevator apartment buildings in close proximity to public transportation, coupled with the meticulous condition of the building with zero violations, we were ultimately able to sell Austin Street for a notable 5.2 cap,” said Brian Sarath who exclusively handled this transaction with CEO Paul J. Massey Jr. “The demand for this type of asset continues to be the strongest in this market due to the limited supply and the overwhelming appeal this type of investment has for lending institutions. This sale is a testament to the strength of today’s market for core assets,” added Sarath.
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Neighborhoods: Kew Gardens/ Agents: Paul Massey Jr.