Queens, NY The Corbin Group at Besen & Associates has completed the sale of 90-34 171st St. The 15,000 s/f, seven-story condo building consists of 18 units with terraces on each unit plus nine parking spaces. Construction was completed in 2017 and the units are individually metered–tenants pay heat and hot water.
The property was sold for $6.78 million by Greg Corbin, Aaron Kline and Robert Koda. The sale price equates to $452 per s/f, $376,666 per unit, 15.7 GRM and projected cap rate of 4.9%.
The property is located between 90th Ave. and Jamaica Ave. in the Jamaica neighborhood, close to the Jamaica Hub. Close to the LIRR, AirTran and F subway station on Hillside and 169th St., the Van Wyck Expressway (I-687) and the Grand Central Parkway.
“It was a difficult sale, but we managed to find a purchaser at an incredible price who was willing to come in with enough cash to close on the transaction” said Corbin. “Banks were offering very low LTV due to the location and the building being vacant, so it narrowed the pool of buyers.”
“While working on the sale of a nearby building, I met the owner of this property who had been shopping the deal himself. His was looking to achieve a sub-5 cap on the sale, which had proved challenging and had not yielded any buyers. Subsequently, he exclusively retained us, which allowed us to go wide to the market and procure the ideal purchaser at the price he had hoped for,” Corbin said.
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients. For more information, visit http://www.besengroup.com/ .