The Real Deal New York

RCR buys two Sunnyside rentals for $49M

Queens elevator buildings have 160 apartments in total

September 06, 2016 07:00AM
By Mark Maurer Twitter_logo_blue copy

Sunnyside Rentals

From left: 41-15 50th Avenue and 45-41 39th Place in Sunnyside (inset: Aaron Jungreis)

RCR Management picked up a pair of Sunnyside rental buildings for $49 million, or north of $300,000 per unit.

The six-story elevator buildings are located at 41-15 50th Avenue and 45-41 39th Place, a few blocks from each other. Together, they have 160 apartments and span 165,000 square feet. Monthly rents average $1,650 per month for a one-bedroom.

The Queens-based seller, the Mytelka family and their affiliates, owned both properties for more than 45 years, property records show.

The buildings, which date back to the 1940s, contain mostly rent-stabilized units.

Rosewood Realty Group’s TRData LogoTINY Aaron Jungreis and Devin Cohen, who represented both sides, declined to comment, while RCR, a Bordentown, N.J.-based real estate investment and property management firm, could not be reached.

The Commercial Observer first reported on the sale of 45-41 39th Place.

RCR is primarily active in the Upper West Side multifamily market. Last year, the firm bought a six-story rental at 225 Central Park North for $33 million.

Elsewhere in Sunnyside, Phipps Houses’ 209-unit affordable housing project at 50-25 Barnett Avenue has been at the center of a dispute between Mayor Bill de Blasio and City Council member Jimmy Van Bramer. The mayor supports a rezoning allowing for the project, while Van Bramer does not.