Marcus & Millichap Capital Corporation (MMCC), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale and financing of a 40-unit multifamily property at 27-08 39th Avenue in Queens, New York.
Marcus & Millichap’s Matt Fotis and Lazarus Apostolidis represented the seller and procured the buyer in collaboration with Marcus & Millichap Capital Corporation’s Steve Filippo, who arranged financing.
“As multifamily values become more nuanced in NYC, a broker really must understand the asset to connect with the right buyers,” said Fotis. “Our marketing process created the exposure needed to identify a buyer in a 1031 exchange.”
“We also collaborated with MMCC to provide seamless acquisition financing, ensuring the buyer could close quickly and with confidence,” added Apostolidis.
The five-story building, built in 1929, is between 27th and 28th streets in the Long Island City section of Queens. It includes studios along with one- and two-bedroom units. About 80% of the apartments are free market, with the rest rent-stabilized. The 25,125-square-foot building is within walking distance of the Queensboro Plaza transit hub and multiple subway lines.
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2024, MMCC closed 1,249 transactions totaling $9.1 billion.
