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New York

$250M Queens rental portfolio up for grabs

Bob Knakal and Kew Gardens in Queens
Bob Knakal and Kew Gardens in Queens

A large Queens portfolio of rental apartments worth up to $250 million has hit the market, at a time when more big developers are looking to the borough for investment opportunities. Hudson Realty Capital is looking to offload 53 buildings – comprising 1,270 apartments — in the Kew Gardens neighborhood in eastern Queens.

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Hudson Realty has tapped Massey Knakal Realty Services to market the portfolio, which largely contains rent-regulated apartments. Massey Knakal chairman Bob Knakal confirmed to Crain’s that he was handling the sale along with colleagues Tom Donovan and Stephen Preuss. Knakal added that interest in Queens and other outer boroughs had “picked up significantly” and that the trend would continue in 2014.

The Real Deal recently identified more than 60 new apartment buildings with at least 10 units in the pipeline for Queens. [Crain’s] – Hiten Samtani

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Bob KnakalMassey Knakal Realty Services