July 6, 2017
Queens Residential Properties paid $1.2 million for a three-story building with eight apartment units in the College Point neighborhood of Queens.
“Since there’s a major lack of supply in the Queens marketplace, we’re seeing income producing assets like the one in College Point be in huge demand,” said Kevin Louie, senior associate with Stephen Preuss’ “Team Preuss” at Cushman & Wakefield.
Sellers Ted and Ana Bednarek received a number of aggressive bids within one week, and had the apartment building under contract within a month. The apartments sold for $150,000 per unit in an all-cash transaction, at a capitalization rate of 4.7%. Historically, apartments in College Point have sold at cap rates over 5%.
“I still have buyers asking about the property and hungry for similar assets,” said Louie.
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