Property Overview: 47,000 sf mixed-use building consisting of 31 residential units, one retail unit and a 74-space sub-grade garage. The property is located in Jackson Heights adjacent to the Roosevelt Avenue/74th Street Station, the second busiest station in Queens and 15 minutes from midtown Manhattan.
Investment Overview: Acram Group purchased the property from a distressed seller who had intended to sell the apartments as condo units. After closing, Acram converted the once fully vacant building to a rental property and leased all apartment units at record levels for Jackson Heights and also leased the entire retail space to CityMD and the garage to a reputable operator. In less than three years, Acram sold the property for a substantial premium.
Address:
40-07 73rd Street
New York, NY
Property:
47,000 sf multi-family building with retail and garage
Acquisition Date:
October 2013
Sold Date:
September 2016
Strategy:
Value-add
Status:
Realized
