Mavashev of Alpha Realty brokers $5.025 million sale of two Queens buildings

166-25 89th Street, Jamaica - Queens, NY

89-32 138th Street, Jamaica - Queens, NY

Lev Mavashev, Alpha Realty

Queens, NY Alpha Realty has completed the sale of 89-32 138^th St. and 166-25 89^th Ave. in the Jamaica section for a combined price of $5.025 million. The four-story buildings combine for 26,500 s/f yielding a priceper s/f of $190. Lev Mavashev of Alpha Realty represented both the buyer and seller.

“I’ve seen a noticeable uptick of investor interest in some of the more outlying neighborhoods around the city such as Jamaica. There are many solid assets that provide a superior value-added return on investment located in these communities, and at the end of the day, the return is what matters most,” said Mavashev

89-32 138^th St. is a four-story corner building built to 18,000 s/f, and consists of 24 apartments, while the four-story 166-25 89^th Ave. is 8,500 s/f in area with 16 apartments.

The sales price for the two building package achieved rent multiple of 10.5x times.

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