Queens-Based Property Manager Picks Up Sunnyside Pre-War for $15M February 3, 2016

Queens-Based Property Manager Picks Up Sunnyside Pre-War for $15M

Queens-Based Property Manager Picks Up Sunnyside Pre-War for $15M | Commercial Observer

Norcor Management has purchased a residential apartment building in Sunnyside, Queens for $15 million, Commercial Observer has learned.

The Woodside, Queens-based multifamily landlord and property manager bought the six-story, 40,000-square-foot building at 41-29 41st Street from J.C. Management Services on Jan. 21, according to a spokesman for GFI Realty Services. Astoria-based J.C. Management Services primarily manages residential properties in Queens.

“With the strong market for quality multifamily product, the seller decided to accept the buyer’s aggressive offer and divest of this asset,” Daniel Shragaei of GFl, who handled negotiations for the seller, said in prepared remarks.

The property has 46 rent-stabilized units The building is comprised of 16 studios and 33 one-bedroom units. The average rent is $1,435 per month, a GFI spokesman said.

“This was a unique opportunity for the buyer and a very rare find, given the location of the building in Sunnyside and its close proximity to Midtown,” GFI’s Josh Orlander, who represented Norcor in the transaction, said in a statement. “The pre-war apartment building is in pristine condition and promises to be a valuable long-term investment for the buyer.”


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