State Preservation LP Acquires Multifamily Properties From LeFrak Organization For $109.5M In Rego Park

The transaction involves a multifamily asset located at multiple addresses: 67-15 Dartmouth Street, 64-85 Wetherole Street, 63-60 98th Street, 65-44 Saunders Street, 97-50 Queens Boulevard, 64-20 Saunders Street, 134-20 87th Avenue, 84-20 Austin Street, and 123-30 83rd Avenue in the Rego Park market. The sale price for this property is $109,500,000, encompassing a total of 752 residential units, which equates to a price per unit of $145,611. The total square footage of the asset is 721,456, leading to a price per square foot of $151.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $109,500,000
• Buyer: State Preservation LP
• Seller: LeFrak Organization
• Brokers: Daniel O'Brien, Adam Spies, Adam Doneger & Felton Hatcher - Newmark
• Total Units: 752
• Total Square Footage: 721,456
• Price per Unit: $145,611
• Price per Square Foot: $151

The deal features key participants including State Preservation LP as the buyer and the LeFrak Organization as the seller of the multifamily asset. The transaction was facilitated by a brokerage team from Newmark, comprising Daniel O'Brien, Adam Spies, Adam Doneger, and Felton Hatcher, who represented the interests of the seller in this deal.