BRG pays $53M for two Kew Gardens rental buildings

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

New York /
Mar.March 10, 2016 04:49 PM

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


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
176 North 6th Street and 16 South Portland Avenue in Brooklyn (StreetEasy; Google Maps)

Brooklyn luxury market surges with nearly $73M in contracts

Brooklyn luxury market surges with nearly $73M in contracts
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
Ryan Serhant and B6 Advisors' Zach Redding and Dylan Kane with 809 Madison Avenue (Getty; Google Maps; B6)

Serhant, B6 team up to market UES rent-to-condo conversion

Serhant, B6 team up to market UES rent-to-condo conversion
From left: President Donald Trump, Blackstone's Jonathan Gray and Tishman Speyer's Rob Speyer (Getty)

Real estate execs, business leaders urge Trump to begin transition

Real estate execs, business leaders urge Trump to begin transition
arrow_forward_ios

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

Loading...