Bronstein Properties Nabs Two Queens Buildings in $20M Deal
The long-time owner of two Queens multifamily buildings has sold them to Bronstein Properties for $20 million, according to property records made public Aug. 5 and the brokerage involved in the transaction. The seller was Michael M. Lee of Michael M. Lee & Company.
The two buildings are at 86-02 Park Lane South on the southeast corner of 86th Street in the Woodhaven section and 84-05 108th Street at the southeast corner of Myrtle Avenue in Richmond Hill. The Park Lane South property overlooks Forest Park Golf Course.
Comprising a total of 106,500 square feet and 113 apartments, the two 1930s six-story elevator apartment buildings are completely rent-stabilized. Each property went for $10 million.
“They are well-maintained buildings in good locations, with rents averaging around $1,100 per apartment,” Amit Doshi of Besen & Associates, the lone broker in the deal, said in prepared remarks. “Solid as a rock, [they have] measurable growth potential for the long term.”
Bronstein Properties is a Forest Hills-based real estate investment and property management firm with a residential portfolio of over 100 properties, according to its website. Mr. Lee, whose firm is based in Richmond Hill, N.Y., has owned both buildings since 1980, property records indicate.