Lewis of ERG is sole broker in $980,000 sale of Queens multifamily

Queens, NY ERG Commercial Real Estate handled the sale of a three-story brick multifamily building in the Corona neighborhood for $980,000.

The six-unit rental stabilized building at 40-11 102^nd Ave. contains a total of 4,350 s/f. It was built in 1974.

It sold for a cap rate of 5.5% and $163,333 price per unit.  The building features five, two-bedroom apartments and one, one-bedroom.

ERG’s managing director Ryan Lewis represented both the seller, Rafael Yukhananov and the buyer, Ridwan Kabir.

“All tenants are current with rent and are long-term tenants,” said Lewis, “This property provides a unique opportunity to acquire a multifamily building in which rent collections are not an issue due to COVID-19 circumstances.”

The property is located off of Roosevelt Ave. and is walking distance to the main retail intersection of Roosevelt Ave. and 103^rd St. Corona Plaza. This prime location grants access to the #7 subway, several MTA bus stops and an abundant amount of shops, restaurants, and businesses along the retail corridor.