Vima Property Group Acquires Multifamily Asset From Dionisiou Family For $7.65M In Long Island City

This multifamily property, located at 11-58 49th Avenue & 49-02 21st Street in the Long Island City & Astoria market, has a sale price of $7,650,000. The asset encompasses a total square footage of 18,050, resulting in a price per square foot of $423.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,650,000
• Buyer: Vima Property Group
• Seller: Dionisiou Family
• Buyer’s Representative: Paul Youssef - FTS Capital
• Seller’s Representatives: Shaun Riney, Sean Fopeano & David Cornejo - Marcus & Millichap

The transaction involved notable representatives from both parties, with Paul Youssef representing Vima Property Group and Shaun Riney, Sean Fopeano, and David Cornejo representing the Dionisiou Family. This collaboration reflects the established presence of Marcus & Millichap in the market and the strategic acquisition approach by FTS Capital.