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Deals & Dealmakers

Queens portfolio covering Sunnyside, Astoria, LIC sold for $12M

Three Queens properties in the neighborhoods of Sunnyside, Astoria and Long Island City were sold for $12 million. The deals, two of which were off-market transactions, were for 45-50 48th Street, 2577-2579 31st Street and 12-07 40th Street.

“There’s definitely an increase in demand in Queens. Overall, it’s just a nice place to live in,” said Eastern Consolidated Director Jacob Tzfanya, who was involved in the largest deal in the collection.

The biggest transaction in the package was for 45-50 48th Street in Sunnyside. The six-story multifamily property was sold for $6.79 million in an off-market deal. The 16,479 s/f building contains 35 residential units (23 studios and 12 one-bedrooms). The seller was 48th Street Realty, LLC. According to Tzfanya, the buyer, Kravara Realty LLC, plans to continue operating the property as a multifamily asset.

The development site at 2577-2579 31st Street in Astoria went for $3.9 million. The site consists of two residential properties and has 21,538 buildable square feet. Meanwhile, the vacant building at 12-07 40th Avenue in Long Island City was sold for $1.1 million. The two-story building offers 6,075 buildable square feet. The seller was 1207 Hbh, LLC.

An Eastern Consolidated team composed of Jacob Tzfanya, Ted Volynets, Christos Savvinidis, Chad Sinsheimer and Ali Rossland represented the seller and found the buyers for all three deals.

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