Queens Multifamily Portfolio (3 Buildings) Case Study
Three-Building Queens Rent-Stabilized Portfolio
388,600 SF
2024
Overview
This three-building sale moved 388,600 square feet of rent-stabilized Queens multifamily from long-term owner Algin Management to Benedict Realty Group: 34-44 77th Street, the Martinique at 40-40 79th Street, and the Alameda at 56-11 94th Street. The Real Deal reported the purchase at $47M (recorded at $46.5M), roughly $107,000 per unit. It was a portfolio trade in a rent-stabilized market where many owners had stopped transacting entirely.
The Challenge
Rent-stabilized multifamily has been one of New York's most dislocated asset classes since the 2019 HSTPA changes. Selling a three-building stabilized portfolio took a buyer who underwrites regulated income accurately and can close at scale, and that pool is materially smaller than it was before 2019.
Our Approach
Skyline Properties took the portfolio to operators who specialize in regulated multifamily and are still buying under the current rules, and we structured the sale as a single three-building transaction.
The Result
Benedict Realty Group bought all three buildings, reported by The Real Deal at $47M, or roughly $107,000 per unit. Long-term owner Algin Management got a clean, single-transaction exit from 388,600 square feet of stabilized housing.
Key Takeaways
- Three-building, 388,600 SF rent-stabilized portfolio sold as a single transaction
- Roughly $107,000 per unit in the post-HSTPA regulated-multifamily market
- Specialist regulated-multifamily buyers remain active when portfolios are priced on real regulated income
- Single-transaction exit for a long-term family ownership
Press Coverage
1 article · 1 outletThe Real Deal
Frequently Asked Questions
Who brokered the Queens multifamily portfolio sale to Benedict Realty Group?
Robert Khodadadian of Skyline Properties brokered the 2024 sale of the three-building Queens portfolio (34-44 77th Street, the Martinique, and the Alameda) from Algin Management to Benedict Realty Group.
How much did the Queens multifamily portfolio sell for?
The Real Deal reported the three-building purchase at $47M (recorded at $46.5M), roughly $107,000 per unit for 388,600 square feet of rent-stabilized multifamily.
Which buildings were in the Benedict Realty Queens portfolio?
34-44 77th Street, the Martinique at 40-40 79th Street, and the Alameda at 56-11 94th Street: three rent-stabilized buildings totaling 388,600 square feet.
Deal Metrics
Transaction Parties
Buyer
Benedict Realty Group
Seller
Algin Management
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More press on Queens Multifamily Portfolio (3 Buildings)
1 press features covering the $46.5M transaction at Queens Multifamily Portfolio (3 Buildings).
Price, buyer, seller, $/SF, source citations
