Bayrock Capital Acquires Multifamily Assets In Corona, Queens For $50M

The property involved in this transaction is located at 37-10 & 37-20 114th Street in Corona, Queens. It is a multifamily asset consisting of 217 units. The sale price for this property was $50,000,000. The commercial building at 37-10 114th Street has an allocated price of $40M, which equates to $184,000 per unit and $374 per square foot. The adjacent property at 37-20 114th Street is a fully approved development site with 80,608 buildable square feet, priced at $124 per buildable square foot.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $50,000,000
• Address: 37-10 & 37-20 114th Street, Corona, Queens
• Market: Corona, Queens
• Buyer: Bayrock Capital
• Seller: Moinian Group
• Brokers: Stephen R. Preuss Sr., Kevin Louie, Kevin Schmitz & Andreas Efthymiou - Ripco

This transaction involved the following key individuals and companies: Bayrock Capital as the buyer and Moinian Group as the seller. The brokers representing the deal were Stephen R. Preuss Sr., Kevin Louie, Kevin Schmitz, and Andreas Efthymiou from Ripco. The transaction involved the sale of the multifamily property at 37-10 & 37-20 114th Street in Corona, Queens, along with a fully approved development site at 37-20 114th Street. The sale price of $50,000,000 reflects the value of these properties.