Press Releases
Marcus & Millichap Closes Mid-Rise Apartment Property Sale in New York City for $48 Million
December 06, 2023
NEW YORK, Dec. 6, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fannwood Estates, a six-story, 312-unit multifamily asset located on an entire city block in the Rego Park neighborhood of Queens in New York City. The property sold for $48 million.
“This multi-generational asset was transferred to a long-term purchaser who was attracted to the significantly below-replacement cost basis and discounted pricing relative to past metrics,” said Shaun Riney in Marcus & Millichap’s Manhattan office. “The purchaser is bullish that proper incentives will inevitably be designed to incentivize the critical maintenance of the workforce and affordable housing sector in New York City. The property is 100% rent stabilized; there were zero violations on the property and the block contains an estimated 183,000 square feet of unused air rights.” Riney and Marcus & Millichap’s Seth Glasser, Joe Koicim, Louis Zarif, and Sean Fopeano represented the seller and procured the buyer, both private investors. “Buyer demand for large, well-maintained multifamily assets in New York remains surprisingly strong,” commented Glasser.
The property is located on 66th Avenue and 66th Road between 99th Street and 102nd Street. Queens Boulevard and the Long Island Jewish Medical Center are across the street. The 67th Avenue subway station is one block away. Forest Hills Stadium, Mount Sinai Doctors, Forest Hills High School and DeVry University are close by.
“This multi-generational asset was transferred to a long-term purchaser who was attracted to the significantly below-replacement cost basis and discounted pricing relative to past metrics,” said Shaun Riney in Marcus & Millichap’s Manhattan office. “The purchaser is bullish that proper incentives will inevitably be designed to incentivize the critical maintenance of the workforce and affordable housing sector in New York City. The property is 100% rent stabilized; there were zero violations on the property and the block contains an estimated 183,000 square feet of unused air rights.” Riney and Marcus & Millichap’s Seth Glasser, Joe Koicim, Louis Zarif, and Sean Fopeano represented the seller and procured the buyer, both private investors. “Buyer demand for large, well-maintained multifamily assets in New York remains surprisingly strong,” commented Glasser.
The property is located on 66th Avenue and 66th Road between 99th Street and 102nd Street. Queens Boulevard and the Long Island Jewish Medical Center are across the street. The 67th Avenue subway station is one block away. Forest Hills Stadium, Mount Sinai Doctors, Forest Hills High School and DeVry University are close by.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
