Gary J. Strauss Acquires Multifamily Property In Turtle Bay For $41.5M

An apartment building located at 847-857 Second Avenue & 959-961 Second Avenue in Turtle Bay, New York City, has been sold in a recent transaction. The multifamily property, consisting of 98 units, was acquired by Gary J. Strauss. The seller of the property was J.T. Tai & Company Foundation. The transaction took place on April 20, 2022, for a total sale price of $41,500,000. The property spans a total area of 79,633 square feet, translating to a price per square foot of $521.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $41,500,000
• Units: 98
• Price Per Unit: $423,469
• Total Area: 79,633 square feet
• Price Per Square Foot: $521

Gary J. Strauss acted as the buyer in this transaction, while J.T. Tai & Company Foundation served as the seller. The deal represents a significant investment in the Turtle Bay market. The transaction highlights the continued activity in the multifamily sector, showcasing the demand for quality properties in desirable locations such as Turtle Bay.