Goldflam of Highcap Group sells 6-unit walk-up for $3.6 million

Queens, NY Josh Goldflam, co-founder and principal of Highcap Group, has arranged the sale of the 5-42 51^st Ave., Long Island City for an all cash transaction valued at $3.6 million. The sale price equates to $600,000 per unit with a gross rent roll multiple of 10.7 time and a capitalization rate of 8%. The seller of the building was Zeng Shao and the buyer of the property was Abdul Aziz.

The property is located outside the Midtown Tunnel on the Queens side of the river, off Vernon Blvd. one block from the subway station and national retailers.

The building is a three-story walkup with 25-ft. of frontage, 6,500 gross s/f, and a backyard. There are six apartments in total which are all free-market status, and have been completely gut renovated. 

Each apartment has two bedrooms and two bathrooms all with individual washers and dryers and central HVAC units. The two ground floor units have duplex access into the basements for a third bedroom, extra den and bathroom and back yard access. The building has video intercom access.

Goldflam said, “Gut renovated and turn key free market multi family assets in New York City have continued to show their resiliency despite a very difficult political climate in the local real estate industry. Assets and locations like this property with proximity to quality retail and transportation continue to acheive top dollar, especially with a rental market that is continuing to set historic highs. Investors in and outside of New York City are still very confident in the limited free market housing stock in city’s boroughs.”