The multi-family property located at 85-35 118th Street in Kew Gardens, Queens, New York has been sold. The property has a total square footage of 4,640 and a price per square foot of $228. The transaction closed at a price of $1,056,000, with each unit selling for $176,000. The property has a cap rate of 3%.

Summary of transaction details

• Property Type: Multi Family
• Transaction Amount: $1,056,000
• Address: 85-35 118th Street, New York
• Market: Kew Gardens, Queens
• Square Footage: 4,640 sf
• Price per Square Foot: $228
• Units: 6
• Price per Unit: $176,000
• Seller: Emigrant Bank (foreclosure sale)
• Buyer: Afshin Gholam
• Broker: Stephen R. Preuss & Stephen Palmese of Cushman & Wakefield

This transaction was facilitated by brokers Stephen R. Preuss and Stephen Palmese of Cushman & Wakefield. They represented the buyer, Afshin Gholam, and helped in closing the deal between the buyer and the seller, Emigrant Bank. The property's potential and market value were taken into account, leading to the successful transaction.