Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 34,000-square-foot Multifamily property in the neighborhood of Astoria in Queens, New York. The asset sold for $9 million.
“Having an understanding of this remarkably nuanced asset class gives us the ability to consistently overperform for our valued clients,” said Louis Zarif.
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 procured the buyer, both private investors.
Located at 25-31 30th Road, this six-floor apartment building, built in 1941, is situated in the Queens Astoria neighborhood. The building offers on-site laundry and elevator service. Rents average at $2500 per month. The property is conveniently located near subway station servicing the W and N lines. Located in northwest Queens, Astoria is situated a mere six miles across the East River from Manhattan. Lively and welcoming, down-to-earth and diverse, Astoria provides varied culinary options, great shopping, and relatively quiet residential streets.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
