Marcus & Millichap Sells LIC Apartments in 1031 Deal

Marcus & Millichap arranged the sale and financing of a 40-unit multifamily property at 27-08 39th Ave. in Long Island City, Queens. The property sold for $7,350,000. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $4 million in financing.

Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer in collaboration with MMCC’s Steve Filippo, who arranged financing.

“As multifamily values become more nuanced in NYC, a broker really must understand the asset to connect with the right buyers,” said Fotis. “Our marketing process created the exposure needed to identify a buyer in a 1031 exchange.”

Built in 1929, the five-story property is between 27th and 28th streets in Long Island City. It includes studios along with one- and two-bedroom units. About 80% of the apartments are free market, and the rest are rent stabilized.

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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).

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