BRIARWOOD, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Kent Arms Apartments, (top right photo) an 80-unit multi-family building in Briarwood, a residential section of Jamaica, Queens.
Listed at $13 million, the sales price of $13 million represented $162,500 per unit.
Peter Vassiliou, a senior associate, and John Stewart, an investment specialist, both in the firm’s Manhattan office, represented the seller, Kent Properties Co., and the buyer, 85-02 139th Realty LLC.
“Kent Arms Apartments was an excellent opportunity for the buyer to own and operate a well-maintained, income-producing building in a strong residential section of Queens that has historically low vacancy and sales velocity,” says Vassiliou.
“In the short-term, the new owner can add value by increasing parking fees, renting the unused office space, and increasing stabilized rents through individual apartment improvements. In the long-term, due to the size of the units, there is the possibility of a co-op or condo conversion when the market recovery takes shape,” adds Stewart.
Located at 85-02 139th St., at the intersection of 139th and Manton streets, the 92,000-square foot, six-story apartment building i
s situated on a 169-foot by 119-foot lot. The property is across the street from the F/E-line subway station and just one block from Queens Boulevard.
The building is adjacent to the Van Wyck Expressway, providing access to JFK International Airport and other destinations in the New York Metropolitan Area.
Kent Arms Apartments contains a mix of 79 apartment units, ranging from medium-sized one-bedrooms to large two-bedrooms with a second bathroom, separate dining room and outdoor terraces. The property also has indoor parking and two commercial spaces, one of which is currently vacant and the other leased until 2011.
Press Contact: Stacey CorsoCommunications Department(925) 953-1716
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