Meridian completes $22 million sale for property in Forest Hills
Queens, NY Meridian’s Amit Doshi, Chirag Doshi, and Brian Gladstone closed on the sale of 110-20 73rd Rd., also known as the Windsor House, located in the Forest Hills neighborhood. 110-20 73rd Rd. is a 78,650 s/f six-story two elevator building that was built in 1937. The property, which sold for $22 million, has 78 units, of which 62 units are rent stabilized, and includes an office.
The quality of the asset and highly regarded renter demographic in Forest Hills are evidenced in the pricing metrics the team was able to achieve including a 4.25% capitalization rate, $282,000 per door, 11.6x gross rent multiplier and $280 per s/f. The property was owned by the same family for 40 years.
“Although this beautifully built 1930’s early art deco property is largely rent stabilized, ownership recently invested millions on renovations and improvements. We were able to capture sellers’ capital investment in the asset through this sale, a testament to the resiliency of the rent stabilized market, particularly in neighborhoods like Forest Hills,” said Chirag Doshi.
“Prime assets in areas of Forest Hills rarely trade. In a different era, this asset would be an ideal conversion candidate. Musso Properties bought the asset with an understanding that the family was going to own the property for several generations,” said Amit Doshi.
Victor Musso, managing director of Musso Properties has always acquired properties in neighborhoods, such as Forest Hills. This particular asset is in excellent condition and does not require any major capital expenditures. This transaction closed in a rapid 45-day timeframe.
Forest Hills is partially bordered by Forest Park, which has a popular golf course, and is surrounded by coops/condos and luxurious single-family homes. In this quiet neighborhood, there are old-time restaurants, including the popular Martha’s Country Bakery and Eddie’s Sweet Shop on Austin Street, quaint and leafy side streets, and early art deco architecture. 110-20 73rd Rd. is a short walk to the 75th Ave. subway as well as the Forest Hills LIRR station and Forest Hills Stadium. The location also offers easy access to the Grand Central Parkway and Queens Blvd.
Attorney B. David Schreiber represented the seller and Bryan McCrossen of Donovan LLP represented the purchaser.