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Afshin Gholam Acquires Multi-Family Property In Kew Gardens, Queens For $1.06M

85-35 118th Street
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This MultiFamily property located in NY was sold for $1,056,000 about 6 years ago. The brokers of the deal were Stephen Palmese and Stephen R. Preuss Sr.

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.

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Deals
  • Location
    85-35 118th St, Jamaica, NY 11415, USA85-35 118th St, Jamaica, NY 11415, USA
  • Sale Price
    $1,056,000$1,056,000
    $227 PPSF$227 PPSF
  • Area
    4,640 SF4,640 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    2 Brokers, 2 Agencies2 Brokers, 2 Agencies

Agents

Stephen Palmese

Stephen Palmese

Deals64
Financed$2.4B

Stephen R. Preuss Sr.

Stephen R. Preuss Sr.

Deals179
Financed$1.3B

Agencies

JLL

JLL

Agency
Deals5591
Volume$332.6B

Ripco

Ripco

Agency
Deals629
Volume$4.2B

Deal Summary

IMAGE: Stephen R. Preuss (@TeamPreuss) DATE: 03/16/2018 ADDRESS: 85-35 118th Street CITY: New York MARKET: Kew Gardens, Queens ASSET TYPE: Multi Family PRICE: $1,056,000 SF: 4,640 sf ~PPSF: $228 UNIT: 6 ~PPU: $176,000 CAP: 3% SELLER: Emigrant Bank (foreclosure sale) BUYER: Afshin Gholam BROKER: Stephen R. Preuss & Stephen Palmese of Cushman & Wakefield NOTE: […]

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85-35 118th Street

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