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Meridian Team Handles Trade of Free-Market LIC Apartments

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, closed on the $47-million sale of 29-28 41st Ave., a multifamily building in Long Island City. The property sold for just under $500 per square foot or $408,000 per unit.

A team of Amit Doshi, Shallini Mehra and Jonathan Shainberg represented seller Jack Guttman, while Meridian’s David Schechtman, Abie Kassin and Adan Elias Kornfeld advised the purchaser, Arik Lifshitz of DSA Property Group. Meridian’s Avi Weinstock and Josh Rhine arranged a $31.5-million acquisition loan with Signature Bank.

Gut-renovated in 2015, 29-28 41st is 100% free market, spans 96,450 square feet and houses 115 apartments. “Properties of this scale and caliber don’t often trade in New York,” said Shainberg. “The appetite for free market multifamily assets is stronger now, more than ever, due to the change in rent laws.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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