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.”
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