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| Exo Astoria Apartments, Queens neighborhood, New York City |
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| Jeff Greene |
NEW YORK, NY – Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has arranged the sale of the Exo
Astoria, a 14-story 117-unit residential building in the Astoria
neighborhood of Queens in New York City.
The sales price of $47.25 million equates to approximately
$404,000 per unit.
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| Peter Von Der Ahe |
IPA’s Peter
Von Der Ahe, Joe Koicim and David Lloyd advised the seller, the
financial services firm TIAA-CREF. The buyer is a partnership between Forest
Properties, a Massachusetts-based property management firm, and real estate
entrepreneur Jeff Greene.
“Through
historical real estate and economic cycles, New York City has proven itself to
be the safest and most stable multifamily investment market in the nation,”
says Von Der Ahe.
“The Exo Astoria is in one of the city’s top submarkets
within a rapidly emerging neighborhood that is well positioned for continued
rent growth and long-term capital appreciation.”
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| Joseph Koicim |
“The Exo
Astoria provides young professionals seeking upscale living with an alternative
to the Manhattan and Brooklyn housing markets,” adds Koicim.
Constructed in 2008 and recently upgraded, the property is located at
26-38 21st St. in Astoria, a neighborhood in Queens, N.Y. The N and Q subway
lines and M60 and Q19 bus lines provide residents with short commutes to
Manhattan.
Apartments at the Exo Astoria feature oak-plank flooring,
recessed lighting and Bosch washers and dryers. Many units have balconies or
terraces with city, river and bridge views.
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| David Lloyd |
Shared amenities include an around-the-clock concierge,
on-site covered parking, a residents’ lounge with gourmet kitchen, billiards,
flat-screen TV and Wi-Fi access, a fitness center and a landscaped sky lounge
and rooftop terrace with views of the Manhattan skyli
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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