Marcus & Millichap sells Fannwood Estates for $48 million

Queens, NY Marcus & Millichap negotiated the sale of Fannwood Estates, a six-story, 312-unit multifamily asset located on an entire city block in the Rego Park neighborhood. The property sold for $48 million.

“This multi-generational asset was transferred to a long-term purchaser who was attracted to the significantly below-replacement cost basis and discounted pricing relative to past metrics,” said Shaun Riney in Marcus & Millichap’s Manhattan office.

Riney and Marcus & Millichap’s Seth Glasser, Joe Koicim, Louis Zarif, and Sean Fopeano represented the seller and procured the buyer, both private investors.

The property is located on 66^th Ave. and 66^th Rd. between 99^th St. and 102^nd St. Queens Blvd. and the Long Island Jewish Medical Center are across the street. The 67^th Ave. subway station is one block away. Forest Hills Stadium, Mount Sinai Doctors, Forest Hills High School and DeVry University are close by.