Astoria Multifamily Sells for $15.95 Million, Over $200K Per Unit
Carl Gaines July 30, 2012, 7:30 a.m.
Rosewood Realty recently represented both the seller and the buyer of a multifamily building that traded in Astoria Queens.
The property, 30-60 29th Street—a 55,373-square-foot, six story elevator building—sold for $15.95 million, or approximately $209,868 per unit. The buyer was Grouper LLC, a local family owner of similar properties.
“For Queens, it was probably one of if not the nicest buildings I’ve ever seen,” said Aaron Jungreis, president of Rosewood. “It was that clean. The seller was a fund and they really ran it that well. It’s just a beautiful building—a classic Tudor construction and I think the buyer felt he was paying a pretty good number as far as the seller was getting but it’s such high quality.” Mr. Jungreis added that interest in Astoria has grown over the years, making the building all the more attractive.
The buyer is a family investor in Queens, which owns other buildings in the borough, as well as in Brooklyn and Manhattan. “They’re just going to maintain it—there’s really nothing to do,” Jungreis said when asked about plans to renovate or upgrade. “That’s why the price is so high. It really is a heck of a price per unit. I think it’s something that they’re going to give to their kids.”
Mr. Jungreis said that business at Rosewood is booming. Already in July, when The Commercial Observer spoke with him Friday, he had done 11 deals. “I’m doing almost a deal a day right now,” he said. “It’s not normal and I’ve never had anything come close to what I’m doing this year.” He attributes that velocity to his familiarity with the boroughs and his ability to match up sellers and buyers quickly.
For instance, the 30-60 29th Street building had been listed with another brokerage firm for four months. The day that listing expired, the seller called Mr. Jungreis. “The next day I had a deal,” he said. “I knew who the buyer was.”
The buyer financed the purchase by assuming the loan that was already in place, which was from Key Bank.