Cedar Park Capital Buys Apartment Building in Forest Hills for $27M

A six-story apartment building at 68-64 Yellowstone Boulevard in Forest Hills, Queens, has traded hands, Commercial Observer has learned.

Cedar Park Capital bought the building with 110 rental units for $26.5 million from Sibling Management, according to brokers from Rosewood Realty Group.

Aaron Jungreis, Ben Khakshoor, Mike Kerwin and Alex Fuchs of Rosewood Realty handled negotiations for the sale.

Cedar Park did not immediately respond to a request for comment, while Sibling Management could not be reached for comment.

“This was the rare opportunity to sell one of the few primarily free market properties on Yellowstone Blvd,” a Rosewood spokesperson said in a statement. “The property has been in the family for generations and has been kept in great condition.”

The 132,960-square-foot building built in 1941 also includes a parking garage and one office unit, while the 110 apartments are a mix of rent-regulated and market-rate units, according to Rosewood. The property is on Yellowstone Drive between 69th Avenue and 68th Drive.

The multifamily market, which has had its ups — but mostly downs — in the past few years, has been picking up steam in recent months with market-rate units yielding more profits for landlords.

The multifamily market is still a favorite among foreign investors, and Mayor Zohran Mamdani has expressed interest in helping rent-stabilized landlords by restoring tax incentives for affordable housing. At the same time, Mamdani has favored appointing members to the city’s Rent Guidelines Board who will not vote to raise rents at rent-restricted buildings.

Mark Hallum can be reached at mhallum@commercialobserver.com.