Alpha Realty has brokered the $25 million sale of a five-building apartment portfolio in Far Rockaway, Queens, on behalf of investor Gershon Eichorn’s Up Realty.
The portfolio consists of 115 units located at 22-88 Mott Avenue, 18-15, Everdell Street, 11-27 Nameoke Street, 11-36 Mcbride Street and 11-38 Mcbride Street. All units are rent-stabilized.
Alpha Realty’s Lev Mavashev represented seller and the buyer, Tissa Management, an LLC associated with Brooklyn investor, Howard Hershkovich.
The financing, arranged by Meridian Capital Group’s Judah Hammer and Daniel Neiss, totaled $20 million and featured five years of interest-only payments and a 10-year term.
According to Mavashev, the seller has been in the process of liquidating his multifamily assets in New York City for some time and the Far Rockaway properties were amongst the last remaining in his portfolio.
The buildings themselves have been fully renovated, both structurally and the individual apartments. The roofs, windows, electrical systems, boilers and plumbing were all replaced as part of the rehabilitation process qualifying for J51 tax abatement.
“The buyer was in position to place capital and was in search for a well-priced rent stabilized asset with high occupancy rates such as this one. Additionally, this package has been fully renovated with higher-than-average legal rents,” said Mavashev, who added, “Despite the challenging economic and regulatory environment, there is still demand for well-priced multifamily assets.”