The 89th Avenue Portfolio consists of two six-story, elevatored apartment buildings that are only being offered together as a package. The apartments at 162-20 89th Ave. consists of 40 rent stabilized units and one super's unit over approximately 8,096 sf. The average monthly rent is $885 per month. The building at 164-03 89th Ave. consists of 32 rent stabilized apartments, a super's unit and seven stores over approximately 9,900 sf. The average rent in this building is $1,026 per month.
[IMGCAP(2)]There is an $8-million mortgage that must be assumed at 5.5% for 10 years interest only with annual payments of $438,000. There are nine years remaining on the loan.
The source tells GlobeSt.com that total square footage of the portfolio is approximately 89,400 sf. "Many of the units as well as the common areas have undergone renovation, but some additional work will add to the value of the properties," the source says.
"At the current asking price, there is a 10.5% cash on cash return," says Massey Knakal broker Brian Sarath, who is the exclusive agent on the sale along with partner and managing director Thomas Donovan. "Recent rezoning in the neighborhood is allowing all properties to flourish in terms of value."
There has been strong interest thus far, the source explains, with more than 20 bids already submitted. "There was a 368-block rezoning enacted in September 2007 here," the source says. "City planning is looking at Jamaica as the next Downtown area. The area retail is very strong and there are significant developments being built in addition to many existing buildings being renovated."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
