Falco of Falco & Isak brokers $3.85 million sale of 25,200 s/f apartment building; Represents both buyer and seller of the four-story walk-up

John Falco, president/co-founder of Falco & Isak Realty Services, has exclusively sold 108-28 38th Ave. in the Corona neighborhood in an all-cash transaction valued at $3.85 million. The seller was Canary Holding and the purchaser was KAT Realty, a private investor. Falco was the sole broker. The property is a 25,200 s/f, four-story, walk-up, apartment building containing 30 residential units and one superintendent unit. All of the units are rent stabilized. The sales price represents a capitalization rate of 6.3%, a gross rent multiple of 9.5X, $128,333/unit and $152.77/s/f. "This sale confirms the existing demand for multifamily properties in the outer boroughs of New York City. The current low interest rate and high inflation economic climate is creating demand for these types of properties. Real estate is a great hedge against inflation. Our strong marketing campaign garnered 30 offers and the property was sold in an all-cash transaction," said Falco.