Prominent Property Owner John Sismanoglou sells 35 unit elevator building in Sunnyside for $6.79 million to a Private Real Estate Fund
Private investor and property owner John Sismanoglou is at it again with the sale of 45-50 48th Street, a six story 35 unit elevator building which measures 16,470 SF.The building contains 23 studio apartments and 12 one bedroom apartments. This is not the first time John has been in the news; Queensbeans reported back in June that John recently sold 48-02 25th Avenue to Hercules Argyriou for $16 million.
Sunnyside has had a strong multifamily investment market for quite some time. However, in 2016 the Sunnyside multifamily market has taken a big hit with sales volume, number of transactions, average price per unit and average price per square foot down by around 40%-50% year over year. Even though the data shows otherwise, Sunnyside still seems to be a very attractive investment haven for first time investors and for larger property owners.
Eastern Consolidated Director Jacob Tzfanya, and Associate Director Ted Volynets, represented the seller, a private investor, and procured the buyer, a real estate investment group, in this off-market deal.