The Real Deal New York

BRG pays $53M for two Kew Gardens rental buildings

Firm bought 80-15 Grenfell Street and 84-17 125th Street in Queens

March 10, 2016 04:49PM

84-17-125th-Street-Grenfell

84-17 125th Street and 80-15 Grenfell Street

Benedict Realty Group acquired two rental buildings in Kew Gardens for $53.5 million in a single off-market transaction.

BRG bought a 103-unit, 84,605-square-foot apartment building at 84-17 125th Street from Dale Realty Co. for $25.5 million, paying about $300 a square foot. The majority of units at the two-story building are stabilized, according to Reonomy. The property also includes five commercial units.

Daniel Benedict’s firm also purchased a six-story, 82,091-square-foot building at 80-15 Grenfell Street for around $28 million, Real Estate Weekly reported. Grenfell Realty Co, LLC is the seller, according to Real Estate Weekly. BRG paid around $293 a square foot for the 128-unit building. The majority of units at that building are also stabilized.

BRG, a real estate investment and property management firm based in Great Neck, said in a press release the sellers owned the buildings for more than 50 years, according to Real Estate Weekly.

In October, BRG sold 110 rent-stabilized units in a Kew Gardens co-op building to Galil Management for $29.5 million. BRG paid $14.4 million for the units at 83-30 118th Street in 2010. In 2014, BRG bought a portfolio of 276 rental units in Sunnyside and Elmhurst for $50 million. [Real Estate Weekly]Dusica Sue Malesevic

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