Marcus & Millichap Sells LIC Apartments in 1031 Deal
Marcus & Millichap arranged the sale and financing of a 40-unit multifamily property at 27-08 39th Ave. in Long Island City, Queens. The property sold for $7,350,000. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $4 million in financing.
Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer in collaboration with MMCC’s Steve Filippo, who arranged financing.
“As multifamily values become more nuanced in NYC, a broker really must understand the asset to connect with the right buyers,” said Fotis. “Our marketing process created the exposure needed to identify a buyer in a 1031 exchange.”
Built in 1929, the five-story property is between 27th and 28th streets in Long Island City. It includes studios along with one- and two-bedroom units. About 80% of the apartments are free market, and the rest are rent stabilized.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout