Marcus & Millichap Inc.
08/12/2024 | Press release | Archived content
Marcus & Millichap Brokers $8 Million Sale of Astoria Mixed-Use Property in First Transaction in 45 Years
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Marcus & Millichap Brokers $8 Million Sale of Astoria Mixed-Use Property in First Transaction in 45 Years
August 12, 2024
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NEW YORK, August 12, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a dual corner mixed-use property in Queens, New York, for $7 million.
"Irreplaceable locations like 31st Street will trade at a premium regardless of market conditions when you know how to find the right buyer," said Matt Fotis. "This is the second property in Astoria we've sold this year that's situated directly in front of a subway entrance, at or below a 5% cap rate," added Lazarus Apostolidis.
Fotis and Apostolidis, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both local private investors. This marks the property's first sale in more than 45 years.
The two-story mixed-use building at 2502-2508 31st St. is situated directly in front of the Astoria Boulevard subway station. The property comprises three street-level retail units and two second-floor commercial units, totaling approximately 4,634 square feet. The site also includes more than 7,000 square feet of available air rights, offering a rare opportunity for future development in the heart of Astoria.
"Irreplaceable locations like 31st Street will trade at a premium regardless of market conditions when you know how to find the right buyer," said Matt Fotis. "This is the second property in Astoria we've sold this year that's situated directly in front of a subway entrance, at or below a 5% cap rate," added Lazarus Apostolidis.
Fotis and Apostolidis, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both local private investors. This marks the property's first sale in more than 45 years.
The two-story mixed-use building at 2502-2508 31st St. is situated directly in front of the Astoria Boulevard subway station. The property comprises three street-level retail units and two second-floor commercial units, totaling approximately 4,634 square feet. The site also includes more than 7,000 square feet of available air rights, offering a rare opportunity for future development in the heart of Astoria.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.