Rubin Isak, Rubin & Isak

Below I will highlight details on the most recent Astoria and Long Island City commercial and investment property sales:

• 18-31 42^nd St., Astoria – Sold on November 2^nd for $2.7 million. The subject property is a 7,180 s/f warehouse plus office building situated on a 100’ x 100’ lot. It is located on 42^nd St. between 19^th Ave. and Berian St. in Astoria. The seller, Lorenzo Devardo, purchased the building in April 2007 for $730,000. The purchaser is Barry McKenna based out of Astoria. The purchase price equates to $376 per s/f.

• 27-04 Astoria Blvd., Astoria – Sold on November 3^rd for $2.6 million. A three-story, five-unit, 3,050 s/f apartment building, located between 28^th St. and Crescent St. The subject property is also situated on a 27’ x 101’ lot in a R6A/C2-3 zoning district; giving the property another 5,173 s/f of air rights or a total of 8,223 s/f for a new ground up development. The sales price equates to $520,000 per unit; $852 per s/f or $316 per buildable s/f for a future development site. The seller, Rajive Maret, purchased the building for $800,000 in June of 2010. The purchaser is Sebastian Virdone.

• 23-08 Newtown Ave., Astoria (Newtown Hall) – Sold on November 1^st for $21.5 million. The subject property is a 47,636 s/f, 58-unit, four-story, walk-up apartment building. It is located on the corner of Newtown Ave. and 23^rd St. The sellers, The Partridge Family, owned the building for over 38 years. The purchaser is Jorge Bolanos based out of Garden City. The sales price equates to $370,689 per unit and $451 per s/f. The gross rent multiple is approximately 18.7X and the capitalization rate was roughly 3%.

• 2818-2822 Steinway St., Astoria – Sold on November 4^th for $12.5 million. The subject property is a 24,600 s/f, four-story plus cellar, elevator office building with ground floor retail and bank space. The seller, Malachite Group based out of Mineloa, purchased this building in March 2006 for $7.45 million. The purchaser is Criterion Group, based out of Long Island City. The sales price equates $508 per s/f.

• 2533-2544 Broadway, Long Island City – Sold on November 1^st for $7.25 million. The subject property is a four-unit, single-story 10,000 s/f retail building situated on a 100’ x 100’ lot. The property is in a R6A/C2-3 zoning district, giving this property 30,000 buildable s/f on a ground up development. The sales price equates to $725 per s/f existing and $241 per buildable s/f. The sellers, Steinway Holding Corp, owned the property for over 33 years. The purchaser is Allen Rosenberg of the Alrose Group based out of Manhattan.

• 32-84 Steinway St., Astoria – Sold on November 1^st for $7.25 million. The subject property is a corner, 8,420 s/f, single-story, four-unit retail building. The lot is 105’ x 98’ and is situated in a C4-2A zone, boasting 28,350 buildable s/f for a ground of development. The sales price equates to $861 per s/f existing and $255 per buildable s/f. The sellers, Steinway Holding Corp, owned the property for over 40 years. The purchaser is Allen Rosenberg of the Alrose Group based out of Manhattan.

• 36-36 38^th St., Long Island City – Sold on November 3^rd for $3.2 million. The subject property is an 8,375 s/f building on a 7,500 s/f lot. The sellers have owned the building since 1983. The purchasers are based out of Manhattan. The sales price equates to $382 per s/f.

• 27-47 Crescent St., Astoria – Sold on October 17^th for $8.5 million. The subject property is two-story, 20,000 s/f medical office building. The sales price equates to $425 per s/f. The sellers have owned the property for over 23 years. The purchasers, RockFarmer Capital is based out of Douglaston.

• 22-11 Steinway St., Astoria – Sold on November 17^th for $2.3 million. The subject property is located between Ditmars Blvd. and 23^rd Ave. It is a three-story, 4,200 s/f, mixed-use building containing five apartments and one store. The sales price equates to $547 per s/f, 21.8X the gross rent and a capitalization rate of 3.54%. The property has been family-owned for over 50 years. The purchaser is Peter Giannopoulos based out of Whitestone.

Astoria and Long Island City property is selling at all-time record highs, with no slowdown in sight: 3% cap rates (some sales even at sub 3% cap levels); and price per buildable s/f for land is selling at mid to high $200’s and even in the $300 per buildable s/f range. We are seeing record breaking price per s/f and price per unit numbers as well. To say this is a strong market is an understatement. Investors continue to put their money to work here. The proof is in the numbers.

Rubin Isak is the president & founder of Goldenwood Property Advisors, New York, N.Y.

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