Queens, NY Alpha Realty brokered the $13.75 million sale of a multifamily garden-style complex located in the Hollis neighborhood. The properties, 102-04, 102-34 and 102-31 184th St., are three lots consisting of 74 apartments and 37 garage units totaling 60,200 s/f. Lev Mavashev of Alpha represented the buyer, Hyman Schattner, and Gershon Eichorn, the seller, who were both local private investors.
“The recent dip in prices created an opportunity the buyer was looking for to add to his portfolio of multifamily holdings. He was pleased with the metrics of the deal and decided to make a competitive offer that the previous owner found appealing,” said Mavashev.
Regarding the market, Mavashev said, “We are starting to see increased interest for multifamily assets as prices have considerably come down over the past year. This asset had an original asking price of $16.5 million last year.”