Isak of Falco & Isak Realty completes sale for $2.685 million; 12-unit apartment building in Astoria

Rubin Isak, CEO/co-founder of Falco & Isak Realty Services, an investment sales firm, has just exclusively sold 25-16 18th St. in Astoria, in an all cash transaction valued at $2.685 million. 25-16 18th St. is a 4-story, semi-detached, brick, walk-up apartment building containing 12 residential units located on the Northwest side of 18th St. just off of Astoria Park South. The property contains nine one-bedroom units and three two-bedrooms. There is one RC unit and two RS units. Nine of the units are free market. The entire building was gut renovated in 2007. The building also has a laundry room with 2 washers and dryers. “We originally exclusively sold this property in September of 2010 for $2.35 million. The new owner then raised rents considerably and in turn we were able to achieve a sales price this year of $2.685 million,” said Isak. “The property was fully marketed for 28 days and within that time period we received 22 qualified offers until sending out a contract.” The sales price of $2.685 million represents a gross rent multiple of 13X, a capitalization rate of 5.85%, a healthy price per unit of $223,750 and a price per s/f of $393. The seller was Nouvel Astoria Ysa, LLC, and the purchaser was a private investor from Queens. The sellers’ attorney was Paul Petras, Esq. and the purchasers’ attorney was George Magriples, Esq. Isak was the sole broker in the transaction.