Cushman & Wakefield announced today that the firm has been appointed the exclusive agent in the sale of a walk-up apartment building located at 28-08 23rd Avenue in Astoria, Queens. The asking price is $3,400,000.
A Cushman & Wakefield team consisting of Vice Chairman Thomas A. Donovan, Director Eugene Kim, Director Tommy Lin, and Associate Director Robert Rappa will be leading the marketing efforts on behalf of the seller.
“Thisis an excellent opportunity for an investor with a 1031 exchange,” said Thomas A. Donovan of Cushman & Wakefield. “The in-place average monthly rent represents approximately 75 percent of the current market rent, leaving tremendous upside potential for future owners.”
The eight-unit, four-story walk-up building consists of two-bedroom apartments, four of which are rent stabilized. Additionally, the building includes one rent-controlled unit and three free-market units with one vacant apartment currently available. Recent improvements include a new gas boiler and water heater.
Located within blocks from the Ditmars Boulevard N and W train station, 28-08 23rd Avenue is situated between 27th and 29th Streets. With nearby access to I-278 and the Robert F Kennedy Bridge, the property is easily accessible to Manhattan and the surrounding boroughs. Positioned amidst various dining and entertainment options including Astoria Soundworks, the building is within walking distance to Astoria Park and the waterfront.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
