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 Article


Bluestone buys Queens building for $85M at foreclosure auction

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

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

Treetop Development sells Elmhurst rental complex for $57M

Chris Xu lands financing from Taiwanese bank for Queens condo project

Zara Realty picks up Elmhurst rental building for $21M

Sharing, not caring: Landlord discovers Airbnb the hard way

Developers, retailers flocking to Elmhurst