The Real Deal New York

Steelpoint picks up three rental buildings
in Astoria

Developer paid $23M for properties
By Kathryn Brenzel | February 02, 2018 02:00PM

Steelpoint Property Group just scooped up three multifamily buildings in Astoria for $23 million.

The company purchased 34-04 34th Avenue, 30-44 32nd Street and 31-36 32nd Street, according to Steelpoint. The previous owner of the property is listed as Queens landlord Fazlur Khan.

The three buildings feature 62 apartments, many of which are rent stabilized. Ben Haghani, a principal of Steelpoint, said the company plans to renovate the apartments as they become vacant. About 15 percent of the apartments are currently vacant.

“We absolutely love the neighborhood,” Hagani said on Friday. “The neighborhood is a cross between a hipster village and a European city.”

Contact information for Khan was not immediately available.

Over the past year, Astoria’s seen quite a bit of action. In May, Urban American Management purchased a 70-unit multifamily portfolio for $20.5 million across two buildings at 30-58 and 30-64 34th Street. Investor Karan Singh bought four apartment buildings in Astoria from Kushner Companies last year.

In December, Steelpoint and its partner sold a mixed-use property at 517 Second Avenue in the Kips Bay for $7.4 million, the New York Real Estate Journal reported. The company, according to its website, focuses on deals ranging from $5 million to $150 million primarily in the realm of multifamily, boutique office and retail.