Pinnacle Group Pays $43M for Flushing Apartment Building
Pinnacle Group has purchased a six-story Flushing, Queens apartment building called The Fairmont for $43 million, Commercial Observer has learned.
“This was the first sale of the property since it was developed in 1972,” said David Krantz of CBRE, who along with Paul Leibowitz represented the seller in the Jan. 11 deal. Pinnacle didn’t have a broker, Mr. Krantz said.
Located at 142-20 Franklin Avenue, the elevator building is six stories, 129,304 square feet with 144 rent-stabilized apartments, six occupied ground-floor office suites and 104 parking spaces (indoors and outdoors). The seller was Apple Core Holdings, which oversaw the asset and acted as trustee for a couple of families, “one of which was the original developer and the other [which] was an offshore family located in Germany,” Mr. Krantz said.
Pinnacle is expected to keep the building as a rental, but refresh it. No one from Pinnacle immediately responded to a request for comment.
“The property lacked professional management and was in need of capital,” Mr. Krantz said.
The Real Deal reported news of the sale yesterday, citing public records.