Ariel Property Advisors Arranges $11.24M Sale Of Mixed-Use, 421A New Construction Building In Long Island City

Ariel Property Advisors has arranged the sale of a 21-unit, mixed-use, 421a new construction building at 32-04 38th Avenue in Long Island City for $11.24 million. Ariel brokers Alexander Taic, Director, and Victor Sozio, Founding Partner, represented the seller.

“This location in Long Island City is a dynamic area with an abundance of newly constructed condominiums and rentals, local and national retailers, hotels and diverse restaurants, making 32-04 38th Avenue an ideal site for a cash flowing residential asset,” Taic said.

The six-story building consists of one commercial unit and 20 residential units of which 17 are one bedroom apartments and three are studios. The residential units feature modern kitchens and bathrooms, are individually metered for gas and electric and offer individual boilers for heating. Additionally, there are nine parking spaces providing additional cash flow.

A short drive to Grand Central Parkway and the Brooklyn Queens Expressway, 32-04 38th Avenue is several blocks from both the 39th Avenue-Dutch Kills and 36th Street stations providing access to the E, F, M, R, N and W subway lines.

About Ariel Property Advisors
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.