Lots of repair work has occurred at the huge Kew Gardens Hills apartment complex off Kissena Boulevard since it was sold last year, and the new owner may increase rents, according to a published report.
Rental rates in the 53-building portfolio with 1,270 apartments have been historically inexpensive when compared to similar properties in the neighborhood. A one-bedroom can be about $1,200 per month, and a two-bedroom unit could be $1,700, according to Crain’s.
The site stretches from Kissena Boulevard to as far as 147th Street, between 72nd Road to the north and 75th Road to the south.
A&E Real Estate spent $216 million to acquire the sweeping assemblage from Hudson Realty Capital, and the sale was recorded as the largest residential portfolio in Queens to be sold in nearly two decades.
The new owner has since replaced doors, installed new lighting, hired security guards and did brickwork on the buildings. With the improvements in living conditions, A&E could raise rents, although tenants seem to be okay with that trade off.
“Based on the improvements, the landlord could increase rents several hundred dollars per unit, but tenants interviewed said they’d be willing to pay more for better maintenance,” the Crain’s article said.