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M&M Closes $48M Queens MF Asset Sale
Marcus & Millichap completed the sale of Fannwood Estates, a six-story, 312-unit multifamily asset in Rego Park, Queens, for $48 million.
The asset sits on 66th Avenue and 66th Road between 99th and 102nd Streets, near Queens Boulevard and the Long Island Jewish Medical Center. The 100% rent-stabilized property, with no violations, also includes unused air rights. Private investors on both sides facilitated the transaction.
Shaun Riney and Marcus & Millichap’s Seth Glasser, Joe Koicim, Louis Zarif, and Sean Fopeano represented the seller and procured the buyer, both private investors. “Buyer demand for large, well-maintained multifamily assets in New York remains surprisingly strong,” commented Glasser.
- ◦Sale/Acquisition
