Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 142-27 Barclay Avenue, a six-story elevator apartment building in the heart of Flushing, New York, according to John Krueger, regional manager of the firm’s Manhattan office. The 50 unit building, of which 24 apartments are free market and 26 are rent stabilized, sold for $13,300,000 for a cap rate of 3.07 percent.
“The property, which was owned by the seller since the 1960’s, has significant upside which is why we were able to achieve such an aggressive cap rate,” says Victoria Fisher, a senior real estate broker at Marcus & Millichap, who, along with Jim Evans, represented the seller. Steven J. Siegel and Michael Kook of the firm’s Manhattan office procured the buyer.
“The purchaser, who was in a 1031, has an opportunity to reposition the building and attain higher rents in this stable area. Based on recent near-by transactions, the market in this particular area continues to be robust,” adds Evans.
Flushing, which remains the fourth most populated community in The City of New York, is home to many sports and cultural facilities including Citifield, Queens Botanical Gardens, The Queens Museum, Flushing Meadow Corona Park, and the United States Tennis Open. Situated across the street from an elementary school, this asset is walking distance from Main Street, which is both a destination for its diverse shopping and dining, and a transportation hub having a stop for the Long Island Railroad as well as being the terminus of the #7 subway.
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