40-Year Hold on Forest Hills Apartments Ends with Meridian Sale
Meridian’s Amit Doshi, Chirag Doshi and Brian Gladstone recently closed on the sale of 110-20 73rd Rd., also known as the Windsor House, in Queens’ Forest Hills neighborhood. The property, which sold for $22 million, has 78 units, 62 of which are rent stabilized, and includes an office.
The quality of the asset and the renter demographic in Forest Hills are evinced in the pricing metrics the team was able to achieve including a 4.25% capitalization rate, $282,000 per door, 11.6x gross rent multiplier and $280 per square foot. The property was owned by the same family for 40 years.
“Prime assets in areas of Forest Hills rarely trade,” said Amit Doshi. “In a different era, this asset would be an ideal conversion candidate. Musso Properties bought the asset with an understanding that the family was going to own the property for several generations.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).