Heller Realty sells Elmhurst rental for $23M

Queens landlord Antonio Feggoudakis picks up 96-unit property

New York /
Jun.June 09, 2017 01:35 PM

Heller Realty sold one of the few Queens buildings in its Brooklyn-centric multifamily portfolio – a 96-unit rent-stabilized property in Elmhurst – for $23.4 million, sources told The Real Deal.

Longtime Queens landlord Antonio Feggoudakis closed this week on the purchase of the six-story, 89,300-square-foot building at 89-10 Whitney Avenue, sources said. The price clocked in at about $260 per square foot and $243,000 per unit.

The building is located a few blocks from the massive LeFrak City complex in Corona, which covers 40 acres with 20 apartment buildings that include more than 5,000 units.

Heller, a major Brooklyn multifamily investor led by the Heller family, acquired 89-10 Whitney Avenue for $12.2 million in 2012, property records show.

The family sold off three Brighton Beach rental buildings for $57 million to Sentinel Real Estate Corporation TRData LogoTINY last fall.  The properties were part of a $207 million, 11-building portfolio of Brooklyn rental buildings that Heller bought in 2015.

Feggoudakis has owned property in Queens since at least 1982, when he purchased 12-07 30th Drive in Astoria for $85,000, according to property records. He has sold several properties in the borough over the past few years, including 240-17 Alameda Avenue in February for $1.1 million.

Rosewood Realty Group’s Aaron Jungreis and Michael Guttman, who brokered the deal, declined to comment.

Neither Josh Heller of Heller Realty nor Feggoudakis responded to requests for comment.

The Elmhurst multifamily market has seen a flurry of activity over the past few months. Zara Realty purchased a 76-unit rental building in the neighborhood at 51-25 Van Kleeck Street for $21.1 million in September , and Sentry Operating Corporation purchased a former hospital at 90-02 Queens Boulevard for $125 million in December.  The neighborhood’s 42-29 Judge Street was also part of a seven-building portfolio that A&E Real Estate Holdings was in contract to purchase for $82.8 million in May.

(To view more of Aaron Jungreis’ commercial sales transactions, click here)


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