Marcus & Millichap (NYSE: MMI), Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of 31-65 29th Street, a multifamily building located in the Astoria section of Queens, according to John Krueger, Vice President and Regional Manager of the firm’s Manhattan office. The site sold for $16,769,500.
The seller, a private investor, was represented by Matt Fotis, Lazarus Apostolidis, Zachary Golub, and Paul Youssef. The quartet, also of the firm’s Manhattan office, also procured the buyer, another private investor. Regarding the transaction, the team says, “We are especially proud of this transaction as it took expert brokerage skills, team collaboration, patience and perseverance while facing adversity in the market at every stage of the process. The building was listed just before the HSTPA, contract was signed months after the bill passed and closed virtually March 24th”
Located between 31st Avenue and Broadway, 31-65 29th offered the buyer a unique opportunity to acquire a pre-war elevator building in the heart of Astoria. The property, which contains approximately 39,549 gross square feet is comprised of five studios, 19 one-bedrooms, 14 two-bedrooms, five two bedroom/two bath, and five three bedroom/two bath apartments. The total 48 apartments are situated across six stories.
With regards to future sales in the area, Fotis shares, “Our Team continues work through these difficult times to facilitate closings and contract signings in Manhattan, Brooklyn & Queens to support our clients and help to achieve their goals.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
