Another large Queens apartment community has hit the market as the borough continues to grow as a desirable alternative to Brooklyn.
B6 Real Estate Advisors has been retained to sell a portfolio of 18 pre-war multifamily buildings known as The Rego Park 18 Portfolio.
Brokers Thomas Donovan, Eugene Kim, Tommy Lin and Robert Rappa have begun marketing the property with a $210 million price tag and anticipate strong interest from investors now looking to wallflower neighborhoods like Rego Park in their search for ROI.
Investment levels in the borough have been slowly rising as a series of zoning initiatives, growing population and a large network of transportation options have highlighted the Queens’ potential as a less expensive option to Williamsburg, Greenpoint and Bushwick.
Last year, $4.67 billion worth of apartment product traded in the borough, a 39 percent increase on the previous year. Among the deals, Blackstone completed the $500 million purchase of Parker Towers in Forest Hills and A&E Real Estate Holdings paid $127 million for a six-building portfolio in Flushing and Elmhurst.
The Park Rego 18 will be just the third residential portfolio to come to market in the neighborhood in 50 years. Owned by the same family for nearly 80 years, it is considered among the premier rental properties in the borough, having been meticulously maintained throughout the years, according to the brokers.
Built in the 1940s, the development encompasses two full city blocks and comprises 553 apartments across 568,000 s/f. According to the brokers, it has “substantial development potential” and sits within a designated opportunity zone, making it attractive to investors eyeing capital gains savings.