Rosewood Realty Group announced the $23.4 million sale of a 96-unit rent-stabilized property in Elmhurst, Queens that was part of a Heller Realty multifamily (Brooklyn/Queens) portfolio.
Rosewood Realty Group’s Aaron Jungreis represented Heller, who sold the six-story, 89,300-square-foot building at 89-10 Whitney Avenue. It was one of the few Queens buildings in Heller’s Brooklyn-centric multifamily portfolio.
Rosewood’s Michael Guttman represented the buyer, Queens landlord Antonio Feggoudakis.
The building sold for 17.79 times the current rent roll at a 3.35 percent cap rate, or at about $260 per square foot and $243,000 per unit.
The building is located a few blocks from the massive LeFrak City complex in Corona, which covers 40 acres with 20 apartment buildings that include more than 5,000 units.
Josh Heller, a major Brooklyn multifamily investor led by the Heller family, acquired 89-10 Whitney Avenue for $12.2 million in 2012, according to property records.
The family sold off three Brighton Beach rental buildings for $57 million to Sentinel Real Estate Corporation last fall. The properties were part of a $207 million, 11-building portfolio of Brooklyn rental buildings that Heller bought in 2015.
Feggoudakis has owned property in Queens since at least 1982, when he purchased 12-07 30th Drive in Astoria for $85,000, according to property records. He has sold several properties in the borough over the past few years, including 240-17 Alameda Avenue in February for $1.1 million.
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