Two Queens Apartments Shed for Nearly $20M

[IMGCAP(1)]QUEENS, NY-A five-story, walk-up apartment building at 92-01 37th Ave. in the Jackson Heights section of Queens changed hands in an all-cash transaction valued at $7.7 million. Also, a six-story, elevatored apartment building at 86-11 Whitney Ave. in the Elmhurst section of Queens was sold in an all-cash transaction valued at $11.2 million. Massey Knakal Realty Services represented the sellers in both transacations.

The five-story 94-foot by 89-foot property at the northeast corner of 92nd St. and 37th Ave. contains 46 units–three studios, 35 one-bedrooms and seven two-bedrooms–and six stores over approximately 41,830 sf. The building is two blocks from Roosevelt Avenue and Junction Boulevard near shopping and the 7 subway line.

Massey Knakal broker Swain Weiner tells GlobeSt.com that the buyer is Queens-based investor, Clearview LLC. He explains that Clearview was attracted to the combination of retail and residential “in a thriving area of Jackson Heights.” The seller he notes, is Blue Star LLC, and is selling the property because “he is an active investor.”