Marcus & Millichap : Facilitates $13.26 Million Sale of Astoria Multifamily Property
April 08, 2024 at 02:24 pm EDT
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Marcus & Millichap Facilitates $13.26 Million Sale of Astoria Multifamily Property
April 08, 2024
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NEW YORK, April 8, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a multifamily property in Queens, New York, for $13,262,500.
"This asset sold at negative leverage, which highlights the strong fundamentals of the Astoria submarket," said Louis Zarif. "We are eagerly anticipating increased opportunities for both buyers and sellers as rates are projected to decrease in the near future."
Zarif, Shaun Riney, and Sean Fopeano, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and secured the buyer, both private investors.
The multifamily property, situated at 34-50 28th St. in the Astoria neighborhood, features 76 units across six floors totaling 51,930 square feet. The unit mix includes studios, one-, and two-bedroom apartments. It is located near subway lines serving the N and W lines and is within 1.4 miles of LaGuardia Community College.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
