Brightshore Capital Acquires Multifamily Asset In Long Island City For $145 Million

The asset involved in this transaction is a pre-TCO 421A Multifamily property located at 29-24 40th Avenue in Long Island City. This luxury new build comprises 190 units and encompasses 195,000 square feet. The sale price for the property was $145,000,000, which translates to a price per square foot of $743.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $145,000,000
• Address: 29-24 40th Avenue
• Market: Long Island City
• Square Footage: 195,000
• Price Per Square Foot: $743
• Buyer: Brightshore Capital
• Seller: SB Development & Avenue Realty Capital
• Brokers: Eric Roth, Daniel (Dan) O'Brien, Adam Spies, Adam Doneger & Danny Jones - Newmark

This transaction features key individuals, including the buyer Brightshore Capital and the sellers SB Development & Avenue Realty Capital. The brokerage team from Newmark includes Eric Roth, Daniel O'Brien, Adam Spies, Adam Doneger, and Danny Jones, who facilitated the transaction.