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 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.
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)