Alfonso Martone Acquires Multifamily Property In Astoria For $1.4M

A multifamily property located at 22-24 42nd Street in Astoria has been sold in a recent transaction for a total price of $1,400,000. The property consists of 7 units, with a price per unit (PPU) of $200,000. Spanning across 3,840 square feet, the property has a price per square foot (PPSF) of $364. The cap rate for this investment stands at 5.5%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,400,000
• Address: 22-24 42nd Street, Astoria
• Market: Astoria

The buyer in this transaction is Alfonso Martone, while James Zaccaria is the seller. Parry Ermogenous and Gianfranco Salamone represented both parties as brokers.