Berko & Associates President Joe Berko, and VP of Investment Sales Steve Geller, have successfully transacted the newly constructed mixed use property located at 40-07 73rd Street in the bustling Jackson Heights/Woodside neighborhood of Queens, NY to NYC-based fund aggressively buying properties in prime locations.
The 6-story, 55,000 square foot elevator building was finished in 2012 and contains 31 luxury residential apartments and a 8,700 square foot retail space, in addition to a bi-level 74-car underground parking garage and a small community facility. The “green” building features high-end finishes, open designer kitchens, and private balconies with sweeping NYC views.
Originally called the Bravo Condos, and slated to be sold as such, the property’s new owner has rebranded the building as “The Roosevelt” and expects the residential units will easily rent the units to the more modern, professional population in this up-and-coming area, while the retail portion has a frontage of 100 feet along Roosevelt Avenue and should command excellent attention from prospective tenants.
Joe Berko attributes the success of this transaction to the quality of the asset and the excellent location. Berko said, “We negotiated Seller Financing at 85% LTV which allowed the Buyer the time and capability of giving the building’s current marketing plan a new direction and successfully occupying the residential and commercial portion of the property.”