Werber pays $21M for 103-unit rental in Elmhurst

Property on 80th Street has 95 free market units

TRD New York /
Sep.September 03, 2014 03:36 PM

Werber Management bought a 103-unit rental building in Elmhurst for $21 million, according to property records filed with the city today.

The six-story, 89,000-square-foot elevator building at 42-72 80th Street has 95 free market units. Benjamin Werber, a principal at the Queens-based property management and construction firm, said the property was notable for the large number – 43 – of two-bedroom apartments, which were asking rents of about $2,200 per month. The plan is to spruce up the common areas and continue operating the building as rentals, he said.

Massey Knakal Realty Services’ Thomas Donovan, Tommy Lin and Eugene Kim represented the sellers, John and Alexandra Monahogios. The property was asking $21.5 million, according to Massey Knakal marketing materials, and has a current net operating income of $1.38 million.

Werber Management closed last week on a $32 million commercial building in Astoria, as TRD reported. The firm is also active in Brooklyn, and paid $37.8 million for a Gowanus rental building last year.


Related Articles

arrow_forward_ios
86-15 Queens Boulevard with James and Jerry Pi (Google Maps)

Pi Capital plans senior housing project in Elmhurst

Pi Capital plans senior housing project in Elmhurst
The spa (highlighted) is located at 83-02 Broadway in Elmhurst (Credit: Google Maps)

Queens spa accused of prostitution sues landlord to keep lease

Queens spa accused of prostitution sues landlord to keep lease
The Bluestone Group's Eli Tabak and 90-02 Queens Boulevard (Credit: Eli Tabak)

Bluestone buys Queens building for $85M at foreclosure auction

Bluestone buys Queens building for $85M at foreclosure auction
Queens property purchased for $125M by Chinese firm headed to foreclosure

Queens property purchased for $125M by Chinese firm headed to foreclosure

Queens property purchased for $125M by Chinese firm headed to foreclosure
Pi Capital Partners snags $60M refi for Elmhurst resi building

Pi Capital Partners snags $60M refi for Elmhurst resi building

Pi Capital Partners snags $60M refi for Elmhurst resi building
Treetop Development sells Elmhurst rental complex for $57M

Treetop Development sells Elmhurst rental complex for $57M

Treetop Development sells Elmhurst rental complex for $57M
Chris Xu lands financing from Taiwanese bank for Queens condo project

Chris Xu lands financing from Taiwanese bank for Queens condo project

Chris Xu lands financing from Taiwanese bank for Queens condo project
Sharing, not caring: Landlord discovers Airbnb the hard way

Sharing, not caring: Landlord discovers Airbnb the hard way

Sharing, not caring: Landlord discovers Airbnb the hard way
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...