Marcus & Millichap Brokers $3.4M Sale Of Mixed-Use Property In Astoria, Queens

A mixed-use property located at 42-01 31st Avenue in Astoria, Queens, was recently sold for $3,400,000. This transaction took place on 06/03/2021 and involved a total of 7 units with a combined square footage of 6,120. The price per square foot for this property is $555, and each unit was sold at an average price of $485,714. The property consists of 5 occupied free market apartments and 2 commercial spaces, with one retail unit currently vacant.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $3,400,000
• Address: 42-01 31st Avenue, Astoria, Queens
• Market: Astoria, Queens
• Tax Class: 2B
• Square Footage: 6,120
• Price per Square Foot: $555
• Number of Units: 7
• Price per Unit: $485,714

The sale of this property was facilitated by brokers Shaun Riney, Mike Salvatico, and Dylan Walsh from New York Multifamily and Marcus & Millichap. Despite the challenges posed by the pandemic, the negotiations were successful. The deal included 5 occupied free market apartments and 2 commercial spaces, one of which was vacant at the time of the sale.