Falco & Isak completes $4.5 million sale of Talia House

Rubin Isak and John Falco of Falco Isak Realty Services have sold the "Talia House," located at 70-64 Yellowstone Blvd., Forest Hills, for $4.5 million. The property is a 4.5-story,17-unit elevator apartment building built in 2000, containing four-stories, a penthouse and a cellar. The seller was Talia Enterprises LLC and the purchaser was First NES Realty LLC, a private investor in the area. Falco Isak was the sole broker. "The property was owned and managed by the original developers of the property and also had a 421-a exemption that was expiring in 2015. This sale highlights the demand for multifamily property in prime areas, such as Forest Hills," said Rubin Isak, CEO and co-founder of Falco Isak Realty. The sales price of $4.5 million represents a capitalization rate of 6.49%; 11.25X gross rent, a healthy $264,705/residential unit and $265/s/f.