Rubin S. Isak, CEO & co-founder of Falco Isak Realty Services, has sold a package of 138 unsold sponsor units for $17,821,000.
The block, at 24-39, 51, 65 & 75 38th Street, is located in four, 4-story contiguous brick walk-ups totaling 112,492 s/f with 466 ft. of frontage.
The entire portfolio contains 168 units with 50,009 co-operative shares. The unsold sponsor unit package consisted of 138 Units with 41,142 unsold shares: 99 units are free market, 27 are rent stabilized, 10 are rent controlled with 2 sponsor-owned basement units.
“The strong sales price of roughly $129,000 per door demonstrates the demand for this type of product as well as the unwavering strength of the Astoria, Queens investment sales market,” said Isak, the sole broker in the transaction.
He added, “This was an extremely complex transaction containing multiple selling partners and various intricacies that was negotiated over a two and a half year period.
“We were fortunate to have a patient and seasoned purchaser along with motivated sellers.”
The purchasing entity, Astoria Lights, LLC, is an affiliate of Douglaston Realty Management Corp. an investment and management firm whose principals are John C. Petras and George Michelis.
“This deal was loaded with all sorts of twists and turns over the last 2 ½ years and was one of the most frustrating yet rewarding deals our firm closed this year,” said Petras.
“The transaction would have never closed without the persistence and experience of Rubin Isak, our attorney Matt Kasindorf and the seller’s attorney, Mark Mandell.”
The sellers were a partnership that converted the buildings to a co-op in 1989 and have owned and managed the buildings since then.
The sellers’ attorney was Mark J. Mandell, Esq. with Mandell, Mandell, Okin & Edelman, LLP and the purchasers’ attorney was Matthew E. Kasindorf, Esq. with Meister Seelig & Fein LLP.