Benedict buys three Queens rental buildings for $47M

A Queens portfolio of mostly rent-stabilized units has traded for $46.5 million in an off-market deal.

Longtime owner Algin Management sold three multifamily properties for about $107,000 per unit, a source said. The buyer is Benedict Realty Group, a real estate investment and property management firm based in Great Neck.

Skyline Properties’ Robert Khodadadian, Daniel Shirazi and Daniel Davidov represented both sides in the transaction.

The portfolio includes Richelieu Gardens, a three-building complex at 34-44 77th Street in Jackson Heights, and two six-story buildings in Elmhurst — The Martinique at 56-11 94th Street and The Alameda at 40-40 79th Street.

The price per unit reflects the buildings’ relatively high regulated rents and good condition. One-bedroom units recently rented for $2,400 at Richelieu Gardens, $2,800 at The Martinique and $2,600 at The Alameda, according to StreetEasy.

Changes to the rent law in 2019 severely limited rent increases in rent-stabilized buildings. Net operating income has since plummeted, falling 9.1 percent in 2021 alone — the steepest annual decline since the Rent Guidelines Board started its tracking of the metric in 1990.

The previous sales of the buildings appears to have been too long ago to show the effects of the 2019 law on the portfolio’s value. Family-owned Algin Management, founded in 1957 by Albert Ginsberg, has owned all three buildings since at least the 1970s, property records show.

Representatives for Algin and Benedict did not immediately respond to requests for comment.