Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Fannwood Estates, a six-story, 312-unit multifamily asset located on an entire city block in the Rego Park neighborhood of Queens in New York City. The property sold for $48 million.
“This multi-generational asset was transferred to a long-term purchaser who was attracted to the significantly below-replacement cost basis and discounted pricing relative to past metrics,” said Shaun Riney in Marcus & Millichap’s Manhattan office. “The purchaser is bullish that proper incentives will inevitably be designed to incentivize the critical maintenance of the workforce and affordable housing sector in New York City. The property is 100% rent stabilized; there were zero violations on the property and the block contains an estimated 183,000 square feet of unused air rights.” Riney and Marcus & Millichap’s Seth Glasser, Joe Koicim, Louis Zarif, and Sean Fopeano represented the seller and procured the buyer, both private investors. “Buyer demand for large, well-maintained multifamily assets in New York remains surprisingly strong,” commented Glasser.
Fannwood Estates is located on 66th Avenue and 66th Road between 99th Street and 102nd Street. Queens Boulevard and the Long Island Jewish Medical Center are across the street. The 67th Avenue subway station is one block away. Forest Hills Stadium, Mount Sinai Doctors, Forest Hills High School and DeVry University are close by.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada.