Michael N. Coritsidis of Astoria BMNC LLC, buys 35 units in Astoria for $5.4 Million.
Is Astoria still investment worthy?
Since Q1 2015 the Astoria multifamily market has seen a major decline in all aspects of trades, such as sales volume, number of transactions, average price per unit and average price per square foot. All this data point to one thing; that Astoria has lost its flair and desirability in the investment market. As Q2 2016 begins, investors are beginning to see that Astoria may still have some good “deals” that can prove to be very profitable in the future. On June 2nd major landlord Ilias Theodoropoulos of America Realty LLC sold 27-01 & 27-09 Astoria Blvd a 35 unit multifamily building for $5.4 million to Michael N. Coritsidis of Astoria BMNC LLC. This deal proves that medium multifamily assets are still considered “Affordable” and investment grade. At the $5.4 million price, the price per square foot was $288 vs. $349 and price per unit was $154,000 vs. $247,000.
Astoria is still a highly volatile market, with the close proximity to the city and the highly dense residential market it will still be a desirable place for investors, but as you can see with this recent sale that the inflated market it beginning to deflate and reset.