Marcus & Millichap recently finalized the sale of Fannwood Estates, a 312-unit multifamily property located in Rego Park, Queens. The six-story building was sold for $48 million and is situated on 66th Avenue and 66th Road near Queens Boulevard and the Long Island Jewish Medical Center. This fully rent-stabilized asset boasts no violations and includes unused air rights.
The transaction was facilitated by private investors on both sides with Shaun Riney from Marcus & Millichap’s team, including Seth Glasser, Joe Koicim, Louis Zarif, and Sean Fopeano representing the seller while also procuring the buyer – both of whom were private investors as well. According to Glasser “the demand for large-scale multifamily properties in New York remains strong,” making this a highly successful deal for all parties involved.
