IPA Sells The Roosevelt in Queens for $29.35 Million
Oct 06, 2016

NEW YORK, Oct. 6, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Roosevelt, a luxury mixed-use building with 31 residential units, 10 commercial tax lots and a parking garage in the Jackson Heights neighborhood of Queens in New York City. The sales price is $29,350,000.

“This was a rare opportunity to purchase a sizable, turn-key, condo-quality multifamily investment property in Jackson Heights,” says Peter Von Der Ahe of IPA. “Demand for New York City assets like The Roosevelt is fueled in part by the high price of single-family homes and the city’s long-term space constraints, which support effective rent growth and outsize price appreciation.”

Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico, both in Marcus & Millichap’s Brooklyn office, represented the seller and procured the buyer.

The property is located at 40-07 73rd St. in Jackson Heights, one block from the second-largest transit hub in Queens, which features the E, F, M, R and 7 train lines.