Urban American has purchased a 70-unit apartment portfolio in Astoria, Queens, for $20.5 million.
Marcus & Millichap announced the sale of 30-58 34th Street and 30-64 34th Street, two five-story walk-up apartment buildings. The total sales price for the two buildings is $20.5 million, which equates to almost $293,000 per unit.
“Under long-term ownership prior to the sale, the buildings provide the new owner with an opportunity for immediate upside,” said Peter Von Der Ahe of Marcus & Millichap’s Manhattan office. “Astoria is also an excellent place to deploy a long-term hold strategy as it is one of fastest-growing markets in Queens and inventory there is scarce.”
Von Der Ahe, Joe Koicim, Shaun Riney, Noah Kossoff and Dylan Walsh represented the seller, Takis Tsagronis. Von Der Ahe, Koicim, Riney and Walsh procured the buyer Philip Eisenberg’s Urban American, which owns and manages apartments throughout the tri-state area.
Located on 34th Street between 30thAvenue and 31st Avenue, the contiguous buildings are a five-minute walk from the 30th Avenue subway station. The properties total 49,600 s/f and feature 48 one-bedroom units, 16 two-bedroom apartments and six three-bedroom units.