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Real estate firm Cushman & Wakefield selected as exclusive agent for multi million dollar sale

Today, December 12th, news broke that Cushman & Wakefield, a leading real estate firm, has been chosen to be the exclusive agent in the sale of a multi-million dollar apartment. Said unit is a walk-up addressed at 28-08 23rd Avenue in Astoria, Queens, and the current price tag is $3.4 million.

The real estate firm has appointed a specialized team with the company’s VIce Chairman thomas A. Donovan as the leader. Other chosen members are Director Eugene Kim, Director Tommy Lin and Associate Director Robert Rappa. Together, this team will take charge of the marketing strategies in the name of the seller.

According to Thomas A. Donovan, the opportunity is ideal for an investor with a 1031 exchange. The current monthly rent represents 75% of the market rent, which leaves a lot of untapped potential that future owners will be able to take advantage of, if they choose to do so.

The building in question has eight units divided among four stories. All of the residential units are two-bedrooms, but four of them, which is half, are rent stabilized. There is a fifth rent-controlled apartment and the remaining three are free-markets. Nevertheless, only one of these eight units is currently available. The building has recently been updated, so it features a new gas boiler and water heater.

This tower, which does not have a name, is just blocks away from the Ditmars Boulevard N and W train station, between the 27th and 29th Streets. Furthermore, the property is easily accessible through I-278 and the Robert F. Kennedy Bridge. From these points, is very easy to reach Manhattan and most of the remaining boroughs. As far as Astoria attractions go, the building is very close to Astoria Soundworks, Astoria Park, the waterfront and several dining and entertainment options.

The real estate firm in charge of this operation is Cushman & wakefield, which is a firm present in over 70 countries that employs more than 45k individuals. The company is one of the largest of its kind and specializes in agency leasing, asset services, capital markets, facility services, global occupier services, investment & asset management, project & development services, tenant representation and valuation and advisory. Overall, the company has a revenue of over $6 billion.