Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a multifamily property in Queens, New York, for $13,262,500. The property is situated at 34-50 28th Street in the Astoria neighborhood.
“This asset sold at negative leverage, which highlights the strong fundamentals of the Astoria submarket,” said Louis Zarif. “We are eagerly anticipating increased opportunities for both buyers and sellers as rates are projected to decrease in the near future.”
Zarif, Shaun Riney, and Sean Fopeano, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and secured the buyer, both private investors.
The 28th Street property is located near subway lines serving the N and W lines and is within 1.4 miles of LaGuardia Community College. With a reputation as one of the most vibrant neighborhoods in Queens, Astoria is a thriving urban community nestled along East River across from Manhattan’s Upper East Side. Famous for its eclectic restaurant scene, diverse community, and laid-back atmosphere, renters are flocking to Astoria. Traveling into the city is easier than ever, seeing as Times Square is a 20-minute train ride from town.
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. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
