Isak of Falco Isak Realty brokers $17.821 million sale of 138 unsold sponsor units in Astoria, Queens; Seller's attorney was Mandell of Mandell, Mandell, Okin & Edelman

Rubin Isak, CEO & co-founder of Falco Isak Realty Services (@BuildingSalesNY), an investment sales firm, has sold a bulk package of 138 unsold sponsor units for $17.821 million ($10.863 million in cash and assumption of the underlying mortgage of $6.958 million.) The the four-building block at 24-39, 51, 65 & 75 38th St. is located in a contiguous, four-story, 112,492 s/f, walk-up apartment property with 466 ft. of frontage. The properties are located on the south side of 38th St. between Astoria Blvd. South and 28th Ave., situated on 44,736 s/f in Astoria. The entire portfolio contains 168 units with 50,009 cooperative shares. The unsold sponsor unit package consisted of 138 units with 41,142 unsold shares: 99 units are free market, 27 are rent stabilized, 10 are rent controlled with two sponsor owned basement units. 107 of the units are one-bedrooms, 27 are two-bedroom units, two are studios and two basement units. "The strong sales price of roughly $129,000/door for an unsold sponsor unit package, demonstrates the demand for this type of product as well as the unwavering strength of the Astoria, Queens Investment sales market" said Isak, the sole broker in the deal. "This was an extremely complex transaction containing multiple selling partners and various intricacies that was negotiated over a two and a half year period. We were fortunate to have a patient and seasoned purchaser along with motivated sellers. Both had highly skilled attorneys that got us to ultimately complete this transaction." The purchasing entity, Astoria Lights, LLC, is an affiliate of Douglaston Realty Management Corp. an investment and management firm whose principals are John Petras and George Michelis. "This deal was loaded with all sorts of twists and turns over the last 2.5 years and was one of the most frustrating yet rewarding deals our firm closed this year" said Petras, purchaser. "This transaction would have never closed without the persistence and experience of talented professionals staring from the broker, Rubin Isak, our attorney Matt Kasindorf and the seller's attorney Mark Mandell." The sellers. 38 Astoria Owners Corp., were a partnership that converted these buildings to a cooperative in 1989 and have owned and managed the buildings since then. The buyers of the block are private area investors. The sellers' attorney was Mark Mandell, Esq. with Mandell, Mandell, Okin & Edelman, LLP and the purchasers' attorney was Matthew Kasindorf, Esq. with Meister Seelig & Fein LLP.