Queens, NY Alpha Realty has completed the sale of 89-32 138th St. and 166-25 89th Ave. in the Jamaica section for a combined price of $5.025 million. The four-story buildings combine for 26,500 s/f yielding a priceper s/f of $190. Lev Mavashev of Alpha Realty represented both the buyer and seller.
“I’ve seen a noticeable uptick of investor interest in some of the more outlying neighborhoods around the city such as Jamaica. There are many solid assets that provide a superior value-added return on investment located in these communities, and at the end of the day, the return is what matters most,” said Mavashev
89-32 138th St. is a four-story corner building built to 18,000 s/f, and consists of 24 apartments, while the four-story 166-25 89th Ave. is 8,500 s/f in area with 16 apartments.
The sales price for the two building package achieved rent multiple of 10.5x times.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,