Wednesday, May 13, 2009

All cash deal for Glendale apartment buildings


A trio of multifamily buildings totaling 72 residential units in the Glendale section of Queens has changed hands in an all-cash deal worth $7.7 million. The three buildings--combined--traded for 10 times the current rent roll, according to a release.

Aaron Jungreis and Joseph Smith of Rosewood Realty Group brokered the sale of 71-15, 71-21 and 71-27 65th St., which total approximately 63,000 square feet.

The portfolio is comprised entirely of four-story walk-ups in a middle class neighborhood, which consists mainly of one and two-family homes.


Anonymous said...

I hope they lose their shirt.Sorry,rigewood /glendale border is not hipster friendly.

Anonymous said...