New York, NY – July 25, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 35-15 72nd Street, a three-story walk-up multifamily building located in Jackson Heights, Queens. The final closing price was $1.65 million, which equates to an approximate 1% cap rate with existing income.
Cushman & Wakefield’s Senior Managing Director Stephen R. Preuss, Director Denise Prevete, and Associate Director Kevin Louie led the marketing efforts on behalf of the seller, Tina M. Ng & Katherine Y. Ng. The property was purchased by Harry Otterman.
“The location just steps from Roosevelt Avenue and the 7 train stop was a primary factor in the overwhelming interest we received for this asset,” said Stephen R. Preuss of Cushman & Wakefield. “The buyer secured a well-positioned walk-up in a high-demand area for residential apartments in Jackson Heights.”
The property is a three-story walk-up encompassing six residential units consisting of three two-bedroom and three one-bedroom apartments. Three of the six units are currently owner-occupied and will be delivered vacant, which allows for tremendous upside for potential de-stabilization. Recent updates include an updated roof, boiler and brick pointing within the past four years.
Roosevelt Avenue offers an abundance of shopping and transportation and is expecting an influx of new developments over the next few years.
Located in Jackson Heights, the 74th Street-Roosevelt Avenue Terminal Subway Station is only two short blocks away offering access to the E, F, M and R trains, as well as the 7 train at 74th Street/Roosevelt Avenue.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.