**Marcus & Millichap Closes Sale and Financing of 40-Unit Long Island City Multifamily Property**
Marcus & Millichap has successfully arranged the sale and financing of a 40-unit multifamily property located at 27-08 39th Avenue in Long Island City, Queens. The property was sold for $7.35 million, with Marcus & Millichap Capital Corporation (MMCC), a subsidiary of the firm, securing $4 million in financing for the acquisition.
Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and identified the buyer for the transaction. The financing was arranged by MMCC’s Steve Filippo.
“As multifamily values become more nuanced in NYC, a broker really must understand the asset to connect with the right buyers,” said Matt Fotis. “Our marketing process created the exposure needed to identify a buyer in a 1031 exchange.”
Originally built in 1929, the five-story property is situated between 27th and 28th Streets in Long Island City. The building consists of studio, one-bedroom, and two-bedroom units. Approximately 80% of the apartments are free-market units, while the remaining are rent-stabilized.
