Rocco Sacco And Angelo Rocco Purchase Multifamily Asset In Astoria From Morena Rizzutto For $7.3M

The property involved in this transaction is a multifamily building located at 29-06 Crescent Street in Astoria, with a sale price of $7,300,000. This asset comprises 38 units, and the total square footage is 29,480, resulting in a price per unit of $192,105 and a price per square foot of $247. The building features a mix of 50% rent-stabilized and 50% free-market units, positioned conveniently near Mount Sinai Queens.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,300,000
• Units: 38
• Square Feet: 29,480
• Price Per Unit: $192,105
• Price Per Square Foot: $247
• Buyer: Rocco Sacco & Angelo Rocco
• Seller: Morena Rizzutto
• Broker Representatives: Dylan Walsh, Nick Kolbus, Kieran Baker & Charles Everett - Cushman & Wakefield
• Cap Rate: 6.8%
• Closed in: Under 30 days
• Transaction Type: All-cash transaction

Following a competitive bidding process, the property was awarded to local 1031 exchange buyers. Cushman & Wakefield facilitated this transaction and noted the continued demand for well-positioned assets in the area. The transaction highlights the activity in the multifamily market and reflects current investment trends.