Mavashev and Aronov of Alpha Realty broker $1.75 million sale of 17-unit apt. building

Alpha Realty (www.AlphaRealtyNY.com) arranged the sale of 11-27 Nameoke St. in the Far Rockaway section of the borough for $1.75 million. Lev Mavashev and Jacob Aronov negotiated this deal in an off market transaction. The four-story, 13,912 s/f building, has 17 apartments. "Property transaction negotiations in communities affected by Hurricane Sandy have their unique challenges. Buildings with rent stabilized units tend to fare better during volatile market conditions," said Aronov. Mavashev said, "At the end of the day, this is a stabilized apartment building with low average rents. Deals such as this, despite the neighborhood, will always be of interest to savvy real estate investors" The seller was a private long-term owner and sold it to a private investor from Brooklyn, who is now expanding into Queens. The sale price of $1.75 million equates to a 8.5X Rent Roll and $102,941 price per unit.