Friday, March 14, 2008

Jamaica buildings increase in value

SJM Partners has arrange for the sale of a small portfolio of apartment buildings at 162-20 89th Ave. and 164-03 89th Ave. in the Jamaica section of Queens at an asking price of $10.2 million, has learned. A source close to the deal tells that the Washington, DC-based owners have shifted their focus to retail driven properties along the East Coast.

Jamaica Portfolio Gets $10M For-Sale Sign

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.

These won't be rent stabilized for long.

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