New York, NY – August 8, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 28-08 23rd Avenue, an eight-unit walk-up apartment building located in Astoria, Queens. The final closing price was $3,020,000, which equates to approximately $511 per square foot and a 4.3% cap rate.
Cushman & Wakefield’s Vice Chairman Thomas A. Donovan, and Directors Tommy Lin, Eugene Kim, and Robert Rappa led the marketing efforts on behalf of the seller.
“Astoria is a vibrant, sought-after residential neighborhood with convenient access into Manhattan,” said Thomas A. Donovan of Cushman & Wakefield. “With monthly rent representing approximately 75% of the current market rent, the buyer acquired a property with tremendous upside potential.”
The property consists of eight two-bedroom apartments of which four are rent-stabilized, one is rent-controlled and three are free-market. Two apartments are currently vacant. Recent improvements include a new gas boiler and hot water heater.
Located on the south side of 23rd Avenue between 28th and 29th Streets, the property is walking distance from the Ditmars Boulevard subway station, offering access to the N and W trains. The property is situated among an abundance of dining and entertainment options including the New York City Bagel & Coffee House, Astoria Park and the waterfront.
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.