Doshi & Mehra Achieve Largest Multifamily Single-Asset Sale in Queens for 2009

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Amit Doshi, Executive Director, and Shallini Mehra, Senior Director at Besen & Associates, have just closed the sale of the building located at 144-25 Roosevelt Avenue in Queens for $18,700,000.  The property is a six-story elevator apartment building with 161 units and 40 parking spaces. The building dimensions are 182 feet wide by 161 feet deep. The property was built in 1962 and has approximately 121,901 square feet. The property was sold by long-term owners. 
Apartment layouts of the building include 65 two-bedrooms, 30 one-bedrooms, and 46 studios. The average rent per apartment amounts to $903 per month. At a selling price of $18,700,000, the purchaser paid the equivalent gross rent multiplier of 10.2, price per unit of $116,150, price per square foot of $153, and a capitalization rate of 5.7%. The purchaser assumed an existing mortgage that amounted to 70% financing. 
The property was sold in very good condition, with many capital improvements including boiler, windows, parapets, lobby and elevator cab all updated in 2005. There were very few violations on record. 
Located in the Flushing, the largest urban center in Queens, the building is situated within close proximity of the Main Street subway stop on the 7 train as well as the Murray Hill Long Island Railroad stop. The property is one block away from Northern Boulevard and located less than one mile from both Flushing-Meadows Corona Park and Kissena Park.