$260K-Per-Apartment for 1417 Longfellow Ave.

A private investor paid $9.875 million for 1417 Longfellow Ave., a seven-story building with 38 apartments in the Morrisania neighborhood of Queens. That works out to a price of $260,000 per apartment and a cap rate of 5.7%.

“Along with offering high returns and great cash flows, the investor picked up a brand new construction building that benefits from the 421-a tax abatement,” said Jason M. Gold of Ariel Property Advisors, who with Victor Sozio, Andre Sigourney and Marko Agbaba represented the owner and secured the buyer.

The new owner will benefit from a 25-year, 421-a tax abatement set to expire in the year 2042, plus income from 12 parking spaces. The building is near the West Farms Road development, which will include 1,325 apartments and 46,000 square feet of retail space

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