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Prewar Elevator Building Trades in Astoria

Marcus & Millichap finalized the sale of 31-65 29th St., a 48-unit multifamily building located in the Astoria section of Queens. The property, which the firm called a unique opportunity to acquire a prewar elevator building in the heart of Astoria, sold for $16,769,500.

The seller, a private investor, was represented by Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef of Marcus & Millichap’s Triborough Multifamily team. The team also procured the buyer, another private investor.

The property was listed just before the New York State Legislature enacted the Housing Stability and Tenant Protection Act of 2019. The contract was signed months after the bill passed, and the deal closed virtually on March 24.

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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