Astoria Apartment Building Sells For Over $7 Million
The records are being broken in Astoria. This year we saw a record breaking house sell for $2 million, and now it's a whole apartment building that's breaking records.
The 19 unit apartment building which sits on 23-35 29th Avenue, sold for a cushy $7,230,000. The building is four stories high, and is mixed with rent stabilized apartments, along with a laundromat on the ground floor. The property contains eight one bedroom apartments, four two bedroom units and seven three bedroom units with only three units at market rate.
It was sold by Cushman & Wakefield and bought by Matthew Schwartz, president and founder of Schwartz Realty, according to QNS.
Chkheidze said that “this transaction is a testament to the strength of the multi-family market in Astoria, Queens…….At $642 per square foot, this sets a new record for a rent-regulated walk-up building in the neighborhood. Our clients were extremely pleased with our industry leading sales process.”
It's also a record that many Astorians dread, with rents and prices at a rise.
*Featured Image Via Google Maps