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$58M MF Sale Shows Strength in Queens Market

NEW YORK CITY-Massey Knakal Realty Services tells GlobeSt.com that the recent closing on a 240-unit luxury apartment building at 245 Grand Central Pkwy. in Little Neck Queens is a sign that rental demand is on the rise there.

By Jacqueline Hlavenka | Updated on July 13, 2011

NEW YORK CITY-While large Manhattan office transactions are leading the New York City market this year, the outer-boroughs–particularly Queens, the Bronx and Brooklyn–are showing high dollar volume in the multifamily property sector, according to a new report from Massey Knakal Realty Services. In particular, one familiar property off the Grand Central Parkway, the three-building, 240-unit Monte Excelsior in Little Neck, Queens, traded for $58.25 million near the end of the second quarter, making up 36% of the total dollar volume in Q2 for the borough.

From a market perspective, Thomas A. Donovan, managing director and partner at Massey Knakal’s Forest Hills, NY office, says the sale of the building is a sign that demand for luxury rentals is growing in Northeast Queens. “It was an interesting deal because for an asset that’s not near public transportation, it was amazing because of the size and the location,” Donovan, who represents Queens and Long Island, tells GlobeSt.com. He says though the property is not located near the Long Island Rail Road, the building–at 245-10/20/30 Grand Central Parkway–is directly accessible by car via exit 24 on the service road. It was sold to GF Grand Central LLC and BLDG HH Superior LLC at the end of May 2011 after a competitive bidding process. “It was all really large and very strong owners and developers,” Donovan added.

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