Highcap Group sells Astoria 17 unit elevatored apartment building

Queens, NY Josh Goldflam, co-founder & principal of Highcap Group, along with director of investment sales Rodney Nassimian have arranged the sale of the multi-family apartment building located at 18-10 27^th Ave., Astoria. The property was sold for $4 million in an all cash transaction.

The property is situated at the Northwest corner of 27^th Ave. and 18^th St. in the Astoria neighborhood. The building consists of 18,883 s/f plus a parking lot with capacity for seven cars. There are 17 one and two bedroom apartments in the elevator building which was built in 2005. The entire property has wrap around street frontage of 250 ft. and many of the units have outdoor space. The seller of the property is the Filingeri family and the buyer was a local private investor. The sale price was $4 million which equates to $235,294 per unit, a rent roll multiple of 7.3, and a Capitalization Rate of 10%.

Goldflam said “Despite the ongoing difficulties for the owners and landlords in the multi-family sector in New York City, there still remains a demand for solid investment returns amongst the NYC housing stock.  Buyers who are long-term holders understand the inherent value of these properties and are banking on the overall long-term growth of the residential housing sector in NYC, especially in highly desirable tight knit neighborhoods like Astoria.”