Two-Building Sale Closes for Nearly $10M in Queens February 25, 2014

Commercial Observer | Lauren Elkies Schram

GFI Realty Services has brokered the $9.84 million sale of a three-story, two-elevator apartment building in the Hillcrest section of Queens, Commercial Observer has learned.

The multifamily property, at 80-25 Parsons Boulevard, has 113 rental units as well as a 24-car parking lot and a full-service laundry room.

GFI’s Shulem Paneth and Kobi Zamir represented the seller and GFI’s Yosef Katzprocured the buyer, Zara Realty.

“We stuck to our belief that the property could be a very valuable asset given its prime location, its well-maintained condition and multiple attractive amenities,” Mr. Zamir said in a prepared statement. “After three years of persistence and problem solving, we were able to successfully close this transaction.”

The deal took three years to close because the previous owner was a partnership of multiple individuals. One person’s stake in the building was contested, resulting in legal proceedings that delayed the closing, according to GFI. The sellers are 15 different partners that inherited the building from the four original partners who built it many years ago.

The sale of the fully occupied apartment building, comprised of mostly large studio apartments, included 18,000 square feet of air rights. Monthly rents in the apartments are around $1,000 to $1,250.

“In addition to features of the building itself, the buyer felt that the property’s close proximity to Queens Medical Center would have great appeal to both current and future tenants,” Mr. Katz said.

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