
Queens, NY Investment Property Realty Group (IPRG) negotiated the closing of 23-37 Astoria Blvd. in Old Astoria for $2 million. The property is located between Crescent St. and 23rd St. The property has nine apartments. The building is 31.58 ft. x 60 ft., offering 7,500 s/f. The lot is 31.58 ft. x 73.33 ft.
23-37 Astoria Blvd. was sold by Theodore Douros to Medhat Mohamed.
IPRG brokers Derek Bestreich, Luke Sproviero, Donal Flaherty, and Sal Monteverde represented the buyer and seller.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,