Browse By

Four multi family properties exchange hands near JFK Airport

Another building portfolio has exchanged hands in the Queens area. In this opportunity, four buildings near JFK Airport were purchased by VestraCare, a company that specializes in nursing homes and health care. The buildings are luxurious and multi family types. The seller was Powerhouse Development Corp. This company was the original owner and builder, and VestraCare purchased the package for a little over $14 million. The deal was brokered by a representative from Cushman & Wakefield.

The four building pack is commonly known as the Springfield Gardens Portfolio, and when put together, they contain sixty-two apartments. Their are addressed at 177-50, 177-16 and 176-20 South Conduit Avenue. The fourth one is located at 14606-14624 Farmers Boulevard. According to reports, Powerhouse wants to relocate its headquarters to Florida, hence their need to sell these lots. The buildings contain 20, 16, 16 and 10 units respectively. Overall, they span 86,000 square feet.  

Even though VestraCare specializes in nursing homes for seniors (they already own three in NYC), reports say the company does not wish to transform these buildings into that kind of facility. Rather, VestraCare is hoping to renovate and update the portfolio, in order to increase the rents and, therefore, income.  Nowadays, rent prices go from $1,000 to $2,000.

This is an uncommon project for the area, since it’s easier to find affordable housing near JFK. These four buildings are therefore an improvement, aiming for a mid-level to luxury market. [The Real Deal]