Urban American Management closed on the $20.5 million purchase of a 70-unit Astoria multifamily portfolio from investor Takis Tsagronis, sources told The Real Deal.
The 49,600-square-foot portfolio comprises two buildings at 30-58 and 30-64 34th Street, between 30th and 31st avenues. The sales price pencils out to approximately $413 per square foot, with a cap rate of 2.91 percent. All of the units are rent-regulated.
Peter Von Der Ahe, Joe Koicim, Shaun Riney and Dylan Walsh of Marcus & Millichap brokered the deal, which closed on Friday.
Property records show Tsagronis had owned the properties since 2001, when he bought them for an undisclosed price.
Urban American, led by Philip Eisenberg, was one of the city’s most active private equity-backed real estate investment firms in the 2000s. It has since reduced its footprint, though it maintains a presence in New York City, Westchester Country and New Jersey. Sources have said the firm owns more than 6,000 units in the city.
The company is not the only one eyeing Astoria for multifamily product. A&E Real Estate Holdings, a firm co-founded by Eisenberg’s son and former Urban American executive Douglas Eisenberg, is in contract to buy a seven-building Queens portfolio, including one property in Astoria, for $82.8 million, TRD reported.
(To view more commercial sales transactions in Astoria, click here)