New York, NY – March 28, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 191-02 35th Avenue, a sixteen unit Tudor style multifamily property in Bayside, Queens. The property sold for a final closing price of $6,175,000.
Cushman & Wakefield’s Daniel A. Abbondandolo and Dimitri Mastrogiannis represented the seller, The DiNoto Group, in the transaction. The property was purchased by Fairfield Properties.
“In a market where multifamily properties rarely trade hands, these Tudor-style buildings are a unique asset,” said Daniel Abbondandolo, Senior Director, Cushman & Wakefield. “Close proximity to the trains and express buses make this a quaint and desirable place to live.”
“This sale is an example that quality assets in strong markets are still yielding fantastic cap rates,” added Abbondandolo. “This is a function of incredibly low vacancy rates in Queens multifamily properties coupled with the stable market of northern Queens, along with new rental inventory in the downtown Flushing market.”
191-02 35th Avenue is a rare multifamily asset in Queens comprised of one-bedroom and two-bedroom duplex units, as well as three-bedroom triplex units. The site includes onsite parking and storage facilities. Situated on a 10,000-square-foot lot, this two-story multifamily property benefits from its proximity to the Auburndale LIRR station just a few blocks south and numerous bus stops on Francis Lewis Boulevard and Crocheron Avenue.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.