Marcus & Millichap sells 3,360 s/f mixed-use for $4.2 million

Queens, NY Marcus & Millichap sold a 3,360 s/f mixed-use property at 30-23 30^th Ave. for $4.2 million. The transaction marks the first time the property has changed hands in more than 42 years.

Matt Fotis, Lazarus Apostolidis and Hunter Barocas, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller. The buyer, a local private investor, was procured by Fotis and Apostolidis. Steve Filippo with Marcus & Millichap Capital Corp. arranged financing.

“As volatility in the market remains, the gap in value among different properties continues to grow,” said Fotis.

“Our deep understanding of the Astoria market enabled us to recognize the true value of this property and identify the buyers who appreciate the uniqueness of this opportunity,” said Apostolidis. 

The two-story property is located in Astoria at the corner of 30^th Ave. and 31^st St., across from the N and W subway lines. It includes five street-level retail units and two upstairs office suites, one of which is leased to State Farm Insurance. The building benefits from 94 ft. of combined frontage and foot traffic.