Multifamily Property Sales in Queens on the Rise

Right on the heels of this huge multifamily investment on the market in Kew Gardens, the Wall Street Journal reports that over the past four years, Queens has seen multifamily property sales nearly triple, with the dollar volume of those deals increase almost by four times. In 2013, 287 properties sold at a value of $1.36 billion. Back in 2010, there were only 96 sales at a total of $35,000,000.

According to the WSJ, “Developers and investors buying property in Queens last year included newcomers and veterans of the borough, many of them looking for stable and strong income from rental buildings.” Investors also came to Queens after finding sky-high prices in Brooklyn and Manhattan. New Jersey-based developers Treetop Development LLC purchased the Saxton Hall apartment complex (pictured) in Rego Park for $85,250,000 last year and is now negotiating to buy two other properties in the borough. Also last year, the Benedict Realty Group LLC, based in Queens, picked up 19 rental buildings in Jackson Heights, Elmhurst and Corona for around $68,000,000. And Forest Properties Management Inc., after searching for investment opportunities in Williamsburg, ended up buying the Astoria rental building Exo for $47,200,000. According to Ariel Property Advisors, this momentum for multifamily sales is expected to continue into the new year.

New York City’s Queens is the New King for Multifamily Investments [Wall Street Journal]