A 19-unit apartment building in Astoria broke records when it was sold for $7,230,000.
The apartment, located at 23-35 29th Ave., is a four-story, mixed-use building with mostly rent-stabilized apartments. Cushman & Wakefield recently sold the property, which also includes a laundromat on the ground floor.
The all-cash transaction represents the highest sale price for its asset type in the neighborhood. The 11,250-square-foot property contains eight one-bedroom apartments, four two-bedroom units and seven three-bedroom units. Three units are market-rate while the rest are rent stabilized.
Cushman & Wakefield’s David Chkheidze and Conrad Martin exclusively handled the transaction. Matthew Schwartz, president and founder of Schwartz Realty, bought the property.
“This transaction is a testament to the strength of the multi-family market in Astoria, Queens,” Chkheidze said. “At $642 per square foot, this sets a new record for a rent-regulated walk-up building in the neighborhood. Our clients were extremely pleased with our industry leading sales process.”
The building sits near Mount Sinai Hospital Queens and the N and Q subway lines.