Queens, NYC – Sale of 59 Unit Elevator Apartment Building
About This Project
Ralph Trionfo: Broker
Ralph Trionfo a local resident of Elmhurst and commercial broker negotiated the terms of the sale which reflects the highest price to date for such an asset; Queens elevator apartment building. The property is a 59 unit, six-story brick elevator apartment building in Elmhurst, Queens. Periodically Trionfo would present various offers for consideration to the seller, who had owned and managed the property for 24 years. As time passed, the seller continued to increase the asking price.
The key to this deal was submitting an aggressive offer with proof of funds to provide a high-level of certainty. The buyer executed a non-refundable contract deposit, and the sale closed in 60 days, as is, with no contingencies or due-diligence. The fully occupied, rent-stabilized building is located in a high-density, single-fare zone convenient to many public transportation options offering an easy commute into the city. The average monthly rent was well below market, with a waiting list for apartments.