Astoria Multifamily Trades for $4.3M
Tobias Salinger Sept. 25, 2014, 10:20 a.m.
Triena Capital Partners purchased Casabianca Realty’s 14-unit residential and retail property at 43-18 25th Avenue in Astoria, Queens for $4.3 million, Commercial Observer has learned.
After an earlier potential buyer’s contract for a $3.7 million sale of the steady, rent-accumulating property fell through, a team from Marcus & Millichap took over the listing and gathered 20 offers during 45 days on the market, said broker Lazarus Apostolidis.
“It’s really more of a turn-key investment,” Mr. Apostolidis said of the sale that closed on August 15 and hit property records yesterday with a final price $100,000 over the team’s $4.2 million ask. “That’s why the investor came in above and beyond the rest of them.”
Mr. Apostolidis brokered the sale, along with his Marcus & Millichap colleagues Matthew Fotis, Zachary Golub, Peter Von Der Ahe, Joseph Koicim and Sean Lefkovits.
Although the 4-story structure on the southwest corner of 44th Street with two retail spaces sits a 15-minute walk from the nearest subway station, the neighborhood appealed to the buyer of the multifamily where most units are market-rate.
“The investor was looking to benefit from the stable growth in this submarket,” Mr. Apostolidis said. “The market’s come a long way in the past five years and we’re seeing a lot of opportunity for investment in these neighborhoods.”