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Deals & Dealmakers

Families set price record with Jackson Heights rentals

A coveted Jackson Heights rental building has switched hands between two low-key Queens families.

Marcus and Millichap broker Marco Lala said the 70-unit, two-elevator 35-33rd 83rd Street sold for just south of $30 million.

Jackson Heights. Photo by Jay Santiago/ Flickr
Jackson Heights. Photo by Jay Santiago/ Flickr

The building is one of only two non-condo residential structures in the immediate area, according to Lala, who represented the sellers, the Vorillas family, which had owned the property for over 40 years.

The buyers wish to remain anonymous, but Lala said that they are also a multi-generational real estate family.

Noting the property’s proximity to the 7 train’s stop at 82nd Street, Lala pointed out that, when it closes, the sale of 35-33rd 83rd Street will set a new local record with a 2.5 cap rate and over 22 times the rent roll.

“Jackson Heights is a very hot market right now, along with Astoria,ˮ said Lala, who also just closed on the $8.65 million sale of 1530 York Ave on the Upper East Side and is in contract on a 13-story high rise with 96 units at 1514 Sedgwick Avenue in the Bronx.

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