Eastern Consolidated Arranges Sale of Two Queens Multifamily Properties for $23 Million
NEW YORK, NY – December 7, 2017 – Eastern Consolidated has arranged the sale of Hayes Court, two adjacent buildings with 56 residential units and six offices at 33-53 82nd Street and 33-54 83rd Street in Jackson Heights, Queens. The asset sold for $23 million.
Ron Solarz, Executive Managing Director and Principal for Eastern Consolidated, marketed the property on behalf of the long-time owner, and procured the buyer, a real estate investment firm.
The two, five-story walk-up buildings totaling ±54,624 square feet encompass a full block front and are situated on well over a half-acre site. The office spaces are occupied by a mix of dentists, doctors, and other professional tenants.
“This is a unique asset offering a significant amount of upside in the near term,” Solarz said. “The u-shaped buildings surround a picturesque landscaped center courtyard resulting in tremendous light and air in the units, all of which feature windows in the bathrooms, kitchens, and dining rooms.”
Solarz added, “It’s very rare for buildings like this to come on the market, particularly in Jackson Heights where the housing stock consists primarily of co-operatives and where rentals and condos are in short supply.”
The two buildings have been immaculately well-maintained, offer 460-feet of wraparound frontage on 82nd Street, 83rd Street, and 34th Avenue; and a picturesque fully landscaped center courtyard.
The first garden city community built in the United States, Jackson Heights has a true neighborhood feel that is unique to New York City. A large part of the community has been designated a historic district and, as a result, has seen relatively little new development – especially in the scenic western portion of the neighborhood where Hayes Court is located. The neighborhood has easy access to Manhattan via the 7, E, F, M, and R subway lines.
Powered by a highly skilled team of 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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