An Astoria building has sold for $4.3 million – but it is sure to be a worthwhile investment.

The building – a 14-unit residential and retail property – was purchased from Casabianca Realty by Capital Parntners.

An original contract for $3.7 million fell through, and a new team stepped in to take over the deal –associated from Marcus and Millichap. As reported by broker Lazarus Apostolidis, the group received a whopping 20 offers in the short 45 days they had the listing on the market.

“It’s really more of a turn-key investment,” Mr. Apostolidis said of the sale that closed on August 15 and hit property records yesterday with a final price $100,000 over the team’s $4.2 million ask. “That’s why the investor came in above and beyond the rest of them.”

Mr. Apostolidis brokered the sale, along with his Marcus & Millichap colleagues Matthew Fotis,Zachary Golub, Peter Von Der Ahe, Joseph Koicim and Sean Lefkovits.

“The investor was looking to benefit from the stable growth in this submarket,” Mr. Apostolidis said. “The market’s come a long way in the past five years and we’re seeing a lot of opportunity for investment in these neighborhoods.”

 

Originally reported and quoted by Commercial Observer, September 25th, 2014.