We are pleased to announce that Massey Knakal has been retained for the sale of the Kew Gardens Hills multifamily portfolio of 1,268 units, one of the largest residential complexes in all of New York City. Investors have the opportunity to become a major player in the New York City multifamily market with the potential of purchasing one of the largest individual assets sales based on the number of units in all of NYC in the past six years.
The site contains 1,268 units in 53 contiguous apartment buildings on 24.6 acres. The property’s current rents are approximately 68 percent of market rate leaving a large opportunity for future investors to capitalize on future revenue growth. Additionally 40 percent of the units have turned over since 2008 which also gives an investor ability to increase rents through unit renovation and passthroughs available with major capital improvements which have been underutilized in the past.
The portfolio also allows for substantial re-development opportunity. A single block within the portfolio anchored by the hustling retail corridor Kissena Boulevard and bordered by 153rd Street and 73rd Avenue, boasts a 115,060-square-foot block with 518 feet of frontage on Kissena Boulevard (a “wide street” under the NYC Zoning Resolution). The property is located directly across from a grocery-anchored shopping center featuring retailers such as Aron’s Kissena Farms, Station. Next to the higher-density R6 district and on one of the busiest commercial streets in the neighborhood makes this block the best candidate within the complex for up-zoning through the ULURP process showing an obvious opportunity for the construction of a dynamic mixed-use project.
Residents of Kew Gardens Hills are in an ideal living environment with easy access to multiple bus lines, subway lines, various retail and service amenities along Kissena Boulevard and Main Street, recreational facilities such as Flushing Meadows-Corona Park, Kissena Park and St. John’s University. The site is also in proximity to New York Hospital Queens and Queens Hospital Center, doctors offices, sports and entertainment venues such as Citi Field and the USTA Billie Jean King National Tennis Center.
It is an extreme rarity for a site of this magnitude and potential to be available not only in Queens but throughout the entire New York City market. Once completed it will not only be the third largest individual asset sale based on number of units in all of New York City in the past six years but it will also be the seventh largest single asset sale in NYC since 2001. Lastly, there has not been a single residential complex that has sold this large in Queens since the sale of the 3,000-unit Fresh Meadows Apartments in 1997.