Jungreis and Guttman of Rosewood close $7.6 million multifamily sale; For 40,000 s/f elevator building at 42-25 65th Place, Queens

Rosewood Realty Group has completed the sale of a 60-unit elevator building located at 42-25 65th Pl. in Woodside for $7.625 million. The 40,000 s/f property, built in 1965, traded for close to 10 times the rent roll at a cap rate of 6%. Rosewood Realty president Aaron Jungreis exclusively represented the seller, Woodside 65 LLC, and Michael Guttman also of Rosewood, procured the buyer, Hyatt Avenue Associates LLC. This transaction marks the firm's ninth multifamily deal in the borough this year and the seventh collaboration between Jungreis and Guttman in the borough to date for the year with the aggregate sales of $61 million, covering 471 units, five antennas and 45 parking spaces. Other recent transactions include 106 unsold coop units in Kew Gardens, two separate elevator buildings with garages in Elmhurst - with 67 & 69 units, a 60-unit elevator and a 24-unit walk up in Astoria, a 37 unit elevator with parking in Forest Hills, a 27 unit walk up in Jackson Heights, and a 21-unit walk up in Long Island City. "Queens is an untapped market with multitudes of buildings and many great neighborhoods. Our clients have a seemingly insatiable demand for quality product across the borough and are willing to pay a premium to get what they want," said Jungreis. "There is great diversity, culture, a vibrant nightlife and a plethora of quality retail and dining throughout Queens," said Guttman. "Couple it all with access to a great mass transit system, close proximity to Manhattan and it's no wonder that the borough has fared so well during the economic downturn."