Marcus & Millichap brokers sale and arranges financing for 40-unit multifamily property in Queens
Queens, NY Marcus & Millichap arranged the sale and financing of a 40-unit multifamily property at 27-08 39th Ave. The property sold for $7.35 million. Marcus & Millichap Capital Corp. (MMCC), a subsidiary of Marcus & Millichap, arranged $4 million in financing.
Marcus & Millichap’s Matt Fotis and Lazarus Apostolidis represented the seller and procured the buyer in collaboration with MMCCs Steve Filippo, who arranged financing.
“As multifamily values become more nuanced in NYC, a broker really must understand the asset to connect with the right buyers,” said Fotis. “Our marketing process created the exposure needed to identify a buyer in a 1031 exchange.”
“We also collaborated with MMCC to provide seamless acquisition financing, ensuring the buyer could close quickly and with confidence,” said Apostolidis.
The five-story building, built in 1929, is between 27th and 28th Sts. in the Long Island City section of the city. It includes studios along with one- and two-bedroom units. About 80% of the apartments are free market, with the rest rent-stabilized. The 25,125 s/f building is within walking distance of the Queensboro Plaza transit hub and multiple subway lines.