Invictus

5,570
SF
6
Units
R5
Zoning
Vacant
Notes
$16,605
ANNUAL TAX BILL

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INVESTMENT HIGHLIGHTS

Invictus Property Advisors announces the successful closing of a multifamily located in the highly sought-after neighborhood of Astoria. This 28' wide brick building was sold for a $1.975mm, or $355 per sq. ft., and was delivered vacant, presenting a Substantial Rehabilitation opportunity to the new owner. With the lack of free market/market rate product coming online due to HSTPA 2019 and the expiration of the 421A Tax Abatement, our expectation is that new product will generate premiums and rents will continue to climb.

We're proud to have facilitated this sale amidst headwinds surrounding the lending markets and the December 2022 DHCR clarifications on the topic of Substantial Rehabilitation. The purchaser remained levelheaded throughout the contract period and did not allow short-term volatility to impact their commitment to closing. If you're looking to buy or sell property anywhere in New York City, contact us for similar opportunities and our thoughts on the market.

Queens Multifamily

INVESTMENT HIGHLIGHTS

exclusive agents

Josh Lipton

Andrew Levine

Jax Hindmarch

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