Astoria Apartment Building Trades In Virtual Transaction

NEW YORK CITY- Amid social isolation and national quarantine guidelines attributed to the current coronavirus pandemic, an Astoria, Queens apartment building at 31-65 29th St. has traded for $16.7 million. The sale of the 48-unit multifamily property was closed virtually despite immediate market challenges, according to John Krueger, vice president and regional manager of Marcus & Millichap’s Manhattan office.

The building was listed just before the Housing Stability Tenant Protection Act passed. The contract was signed months after the bill passed and closed virtually on March 24th. Marcus & Millichap’s Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef procured the buyer and represented the seller in the property transaction.