Queens, NY Modern Spaces’ Commercial + Investment Division has sold 29-12 Newtown Ave. in Astoria for $5.56 million. The 16-unit, four-story investment project is an income-producing, pre-war apartment building with rent stabilized homes.
The sellers were represented by Modern Spaces’ commercial team, including Evan Daniel, Ashley Grebow and Edward DiTomasso. The buyer, Sal Restivo, was represented by Anthony Lo Verme of NY Space Finders.
Daniel, Modern Spaces’ executive vice president, said, “We were lucky to get to market earlier in the year prior to the rise in interest rates. Our timing was everything for this deal, which allowed us to achieve such an aggressive price for our clients. We expect to see a change in values for properties currently on the market or coming to market due to the environment today and anyone considering selling in the very near future, should go to market sooner rather than later.”