Benedict Realty Group, a real estate investment firm based in Great Neck in Long Island, has bought two buildings in Kew Gardens, Queens for $53.5 million. The properties, located in 80-15 Greenfell Street and 84-17 125th Street, were acquired in a single off-market transaction.
The two buildings contain commercial and parking spaces along with 228 apartment units. BRG did not provide any detail on their plans for the properties. However, the company said that they are targeting multifamily buildings in areas where they see “an ability to achieve long-term upside.”
In a press release, BRG said that the sellers have owned the buildings for over 50 years. Dale Realty Co., the seller for 84-17 125th Street, is a family-owned company based in Red Lion, Pennsylvania. In 1978, the company became part of brokerage firm Century 21.
Greenfell Realty Co, LLC is the seller for 80-15 Greenfell Street. The six-story building, which was built in 1930, contains 128 apartment units.