Werber pays $21M for 103-unit rental in Elmhurst

Werber Management bought a 103-unit rental building in Elmhurst for $21 million, according to property records filed with the city today.

The six-story, 89,000-square-foot elevator building at 42-72 80th Street has 95 free market units. Benjamin Werber, a principal at the Queens-based property management and construction firm, said the property was notable for the large number – 43 – of two-bedroom apartments, which were asking rents of about $2,200 per month. The plan is to spruce up the common areas and continue operating the building as rentals, he said.

Massey Knakal Realty Services’ Thomas Donovan, Tommy Lin and Eugene Kim represented the sellers, John and Alexandra Monahogios. The property was asking $21.5 million, according to Massey Knakal marketing materials, and has a current net operating income of $1.38 million.

Werber Management closed last week on a $32 million commercial building in Astoria, as TRD reported. The firm is also active in Brooklyn, and paid $37.8 million for a Gowanus rental building last year.