Doshi and Mehra of Besen & Associates complete $18.7 million sale of 161-unit apartment building

Amit Doshi, executive director, and Shallini Mehra, senior director, of Besen & Associates, have closed the sale of 144-25 Roosevelt Ave. for $18.7 million. The property is a six-story elevator apartment building with 161 units and 40 parking spaces. The building dimensions are 182 ft. wide by 161 ft. deep. The property was built in 1962 and has 121,901 s/f. The property was sold by long-term owners. Apartment layouts of the building include 65 two-bedrooms, 30 one-bedrooms, and 46 studios. The average rent per apartment amounts to $903 per month. At a selling price of $18.7 million, the purchaser paid the equivalent gross rent multiplier of 10.2, price per unit of $116,150, price per s/f of $153, and a capitalization rate of 5.7%. The purchaser assumed an existing mortgage that amounted to 70% financing. The property was sold in very good condition, with many capital improvements including boiler, windows, parapets, lobby and elevator cab all updated in 2005. There were very few violations on record. Located in the Flushing, the largest urban center in Queens, the building is situated within close proximity of the Main St. subway stop on the 7 train as well as the Murray Hill Long Island Railroad stop. The property is one block away from Northern Blvd. and located less than one mile from both Flushing-Meadows Corona Park and Kissena Park.