Expertise in Action

GRS | Corteq Provides Services on $52 Million Multifamily Portfolio in Queens, NY

GRS | Corteq recently completed Phase I and PCA services on a $52 million multifamily portfolio acquisition in the Far Rockaway section of Queens, NY.

The properties, located at 407 Beach 20th Street, 22-11 New Haven Avenue, 22-04 Collier Avenue, 631 Beach 9th Street and 707 Beach 9th Street, comprise a total 422 apartments as well as a commercial unit and 102 parking spaces. The total size of the portfolio is 378,261 square feet.

The seller, Urban American, had owned the Far Rockaway properties since 2007 and paid a reported $56.44 million for them as part of a larger package deal.  The purchaser was Brooklyn-based E&M Associates.

GRS Group client, Eastern Union Funding, provided the finance package; and GRS | Corteq director, Mark Halloran, spearheaded GRS | Corteq’s servicing package.