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Deals & Dealmakers

Astoria apartment building fetches $47m

EXO Astoria

Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of the Exo Astoria, a 14-story 117-unit residential building in Astoria, Queens.

The sales price of $47.25 million equates to approximately $404,000 per unit.

IPA’s Peter Von Der Ahe, Joe Koicim and David Lloyd advised the seller, the financial services firm TIAA-CREF. The buyer is a partnership between Forest Properties, a Massachusetts-based property management firm, and real estate entrepreneur Jeff Greene.

“Through historical real estate and economic cycles, New York City has proven itself to be the safest and most stable multifamily investment market in the nation,” says Von Der Ahe. “The Exo Astoria is in one of the city’s top submarkets within a rapidly emerging neighborhood that is well positioned for continued rent growth and long-term capital appreciation.”

“The Exo Astoria provides young professionals seeking upscale living with an alternative to the Manhattan and Brooklyn housing markets,” adds Koicim.

JOE KOICIM

Constructed in 2008 and recently upgraded, the property is located at 26-38 21st St. in Astoria, a neighborhood in Queens, N.Y. The N and Q subway lines and M60 and Q19 bus lines provide residents with short commutes to Manhattan.

Apartments at the Exo Astoria feature oak-plank flooring, recessed lighting and Bosch washers and dryers. Many units have balconies or terraces with city, river and bridge views.

Shared amenities include an around-the-clock concierge, on-site covered parking, a residents’ lounge with gourmet kitchen, billiards, flat-screen TV and Wi-Fi access, a fitness center and a landscaped sky lounge and rooftop terrace with views of the Manhattan skyline.

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