Queens, NY John Falco, president of Falco Real Estate Partners, an investment sales firm, has exclusively sold 92-16 35th Avenue in the Jackson Heights neighborhood in an all cash transaction valued at $1.65 million.
92-16 35th Ave. is a three story, brick, six-family building. The building consists of five two-bedroom apartments and one one-bedroom apartment. At the time of the sale, the property was fully occupied. The property sold for 14.72x the gross rent and a 4.49% capitalization rate.
The seller purchased the property in 2013 and realized a 46% gain in four years. The purchaser is an active investor that concentrates on value-added properties in the northern neighborhoods of the borough. Investment properties in Jackson Heights have and will continue to be attractive to investors because of the density of the population and the close proximity to the various mass transportation options.
Falco R.E. Partners was the sole broker in the transaction and exclusively represented the seller, 34-21 37th St. Realty, LLC. The buyer was NY-8842, LLC.
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