Home Real Estate A&E Real Estate Buys Two Queens Mixed-Use Properties for $59M

A&E Real Estate Buys Two Queens Mixed-Use Properties for $59M


35-65 84th Street; A&E Realty CEO James Patchett; 80-01 37th Avenue (A&E Realty, Google Maps)

Confidence in multifamily is catching in the outer boroughs.

A&E Real Estate picked up two mixed-used buildings in Jackson Heights this week for $58.75 million, about 11 percent below the asking price of $66.5 million, said a spokesperson for Marcus & Millichap’s NY Multifamily group, which brokered the deal.

The sale points to investor interest in a discounted multifamily market and confidence in neighborhoods outside of Manhattan, a source familiar with the matter said.

The Queens buildings, Georgian Hall and Ravenna Court, located at 35-64 84th Street and 80-01 37th Avenue, respectively, have been family-owned and managed by the Joseph Bruno Trust since their development nearly a century ago.

Together, the properties have 198 apartments and 23 commercial units. According to the Rent Guidelines Board, Georgian Hall contains rent-stabilized…

Click here for full article…therealdeal.com