Press Releases
Marcus & Millichap Closes $28.5 Million Waterfront Multifamily Asset Sale in Queens
November 06, 2026
NEW YORK, Nov. 6, 2026 – 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 23-50 Waters Edge Drive, a six-story multifamily property with 120 residential units and seven commercial spaces in the Bay Terrace neighborhood of Bayside, Queens, New York. The property sold for $28.5 million, or $224,409 per unit.
“The area surrounding 23-50 Waters Edge Drive continues to benefit from steady residential investment and growing multifamily housing demand,” said Sean Fopeano from Marcus & Millichap’s New York City office. “PS 388, a new public elementary school under construction adjacent to the property will further enhance the neighborhood’s appeal to families and strengthen its community infrastructure.” Fopeano, Shaun Riney, and David Cornejo of Marcus & Millichap represented the seller, and procured the buyer, a multigenerational family office.
The property is within walking distance of Little Bay Park, Alley Pond Park, and waterfront trails. The Bay Terrace shopping center is a short walk from the property and restaurants, bakeries, boutique retail, nightlife, fitness and wellness services are close by on the Bell Boulevard commercial corridor. Express bus service to Midtown Manhattan is two-and-a-half blocks away, the Long Island Rail Road’s Bayside station is within a short drive, and the Cross Island Parkway, Interstate 295, and the Long Island Expressway are nearby.
Constructed in 1969, 23-50 Waters Edge Drive is a full-service, gated building with a 24-hour doorman and security, on-site parking and garage options, an elevator, laundry room, and resident storage space. Select units have private terraces with water views.
“The area surrounding 23-50 Waters Edge Drive continues to benefit from steady residential investment and growing multifamily housing demand,” said Sean Fopeano from Marcus & Millichap’s New York City office. “PS 388, a new public elementary school under construction adjacent to the property will further enhance the neighborhood’s appeal to families and strengthen its community infrastructure.” Fopeano, Shaun Riney, and David Cornejo of Marcus & Millichap represented the seller, and procured the buyer, a multigenerational family office.
The property is within walking distance of Little Bay Park, Alley Pond Park, and waterfront trails. The Bay Terrace shopping center is a short walk from the property and restaurants, bakeries, boutique retail, nightlife, fitness and wellness services are close by on the Bell Boulevard commercial corridor. Express bus service to Midtown Manhattan is two-and-a-half blocks away, the Long Island Rail Road’s Bayside station is within a short drive, and the Cross Island Parkway, Interstate 295, and the Long Island Expressway are nearby.
Constructed in 1969, 23-50 Waters Edge Drive is a full-service, gated building with a 24-hour doorman and security, on-site parking and garage options, an elevator, laundry room, and resident storage space. Select units have private terraces with water views.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
