Jungreis of Rosewood Realty sells 83-30 118th Street for $29.5 million

Queens, NY According to Aaron Jungreis, Rosewood Realty Group has sold 83-30 118th St. in Kew Gardens for $29.5 million. It is the second time Jungreis sold the building. Six years ago, he sold it for $14.5 million. “This was an off-market deal in a strong, upper middle class neighborhood,” said Jungreis, who has sold a total of 40 buildings totaling over $500,000 million in Queens this year. “Queens is almost as hot as Brooklyn.” The six-story elevator building features 109 apartments, including two professional offices and 31 parking spaces. The 101,950 s/f building, a former condominium that went back to rental, was built in 1956. It sold for 14 times the rent roll and the cap-rate was 4.25%. Rosewood Realty’s Jungreis represented the seller, One Eighteen Condominium and the buyer, 83-30 118 Owner LLC, a long-term investor. Rosewood Realty Group also closed the following deals totaling $27.95 million: • The $12.5 million sale of 360 Central Ave. in Lawrence, Long Island. This is the sale of 41-sponsor co-op units, out of 129 units in a luxury co-op apt. building (168,360 s/f and it was built in 1973.) Jungreis represented the buyer and the seller. • The $4.6 million sale of 90 Clermont Ave. in Fort Greene, Brooklyn. The six-story elevator apartment building features seven apartments. It is 7,648 s/f and it was built in 2008. It sold for 16.3 times the current rent roll and cap-rate was 6%. Michael Guttman represented the seller, 90 Clermont Avenue LLC and the buyer. • A $3.65 million sale of 66 West 138th St. in Harlem. The property is a five-story, walk-up apartment building with 20 apartments. It is 10,955 s/f and was built in 1900. It sold for 12.8 times the rent roll and the cap-rate was 4.8%. Jungreis represented the seller, 66 West 138th Street LLC and the buyer, a local investor. • A $3.25 million sale of 134 17th St. in Greenwood Heights, Brooklyn. The property features a four-story walk-up apartment building with eight apartments. It is 7,140 s/f and was built in 1908. It sold for 14.1 times the rent roll and the cap-rate was 5.78%. Guttman represented the seller, 134 17th Street Residences LLC and the buyer, 134 17th Partners, LLC. • The $2.25 million sale of 632 Throop Ave. in Bedford Stuyvesant, Brooklyn. The four-story walk-up apartment building consists of eight apartments. It is 6,480 s/f and it was built in 1905. Guttman represented the buyer and David Scheer and Bijan Djafari represented the seller, 632 Throop Ave Corp. • A $1.7 million sale of 852-854 Rogers Ave. in Flatbush, Brooklyn. The property features a three-story walk-up mixed-use building with four apartments and four commercial units. It is 7,670 s/f and was built in 1931. It sold for 10.79 times the rent roll and the cap-rate was 6.9%. Jungreis represented the seller, 852-854 Rogers Avenue LLC and Jonathan Birnbaum represented the buyer, a private investor.