February 21, 2020
Westbridge Realty Group arranged the $4.85-million sale of a 26-unit, five-story multifamily building in Woodside, Queens to a local owner/ investor in the neighborhood.
The firm’s Alexandra Rossland represented the seller, Nicholas Colombus of 39-26 62nd Street LLC, while Jonathan Bichoupan brought the buyer, Peter Panas.
“We identified several local and foreign buyers who understood the value of owning a quality asset with phenomenal collections, in a dynamic neighborhood with a lot of economic drivers,” said Rossland.
Bichoupan added, “Ultimately, the buyer, who owns several similar assets in the area understood the value of this property, the importance of the preferential rents in place, and has a long-term outlook, which is indicative of today’s market for rent stabilized product.”
The property at 39-26 62nd St. features 26 rent-stabilized apartments. The $4.85-million purchase price equated to $186,538 per unit or $276 per square foot, with a 5.22% cap rate.
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