Updated Sep 18, 2026
Manny Malekan Purchases Multifamily Property In Jackson Heights For $2,155,000
72-22 34th Avenue & 70-05 34th Avenue
$2,155,000
$230/SF
Building Size
4,770 SF
Asset Type
MultiFamily
Closing
Sep 10, 2026
About this deal
AI
The transaction involved a multifamily property located at 72-22 34th Avenue & 70-05 34th Avenue in Jackson Heights. The sale price was $2,155,000 for a total square footage of 4,770, resulting in a price per square foot of $451.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,155,000
- Address: 72-22 34th Avenue & 70-05 34th Avenue
- Market: Jackson Heights
- Square Footage: 4,770
- Price Per Square Foot: $451
- Buyer: Manny Malekan
- Brokers: Shaun Riney, Sean Fopeano & David Cornejo - Marcus & Millichap
The NYM Group exclusively represented both clients in this sale. The deal underscores the ongoing demand for multifamily investments in the outer boroughs, highlighting the continued interest in well-located properties in the market.
Players
Jackson Heights MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.36%
Cash-on-Cash
-2.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93