Waldron Street Owner LLC Acquires Senior Housing Property in Corona, Queens for $49.5 Million

Waldron Street Owner LLC, a real estate investment firm led by Avi Lustig, has acquired a senior housing property located at 108-15 & 108-25 Horace Harding Expwy in Corona, Queens for $49.5 million. The property was sold by Albro Re LLC, a real estate investment firm represented by Reuben Seltzer, Michael Alon, and Irwin Adelsberg.

The senior housing property is situated in a prime location in Corona, Queens, which is a densely populated neighborhood with a large senior population. The property is a six-story building with 120 units and a total of 150 beds. The property was built in 2004 and has been well-maintained.

The acquisition of the senior housing property is a strategic move for Waldron Street Owner LLC, as the demand for senior housing is expected to increase in the coming years due to the aging population. The property is also expected to generate stable cash flow for the firm, as senior housing properties typically have high occupancy rates and long-term leases.

The sale of the senior housing property was brokered by a team from Marcus & Millichap, led by Peter Von Der Ahe, Joe Koicim, and David Lloyd. The team has extensive experience in the senior housing market and was able to secure a buyer for the property at a favorable price.

Overall, the acquisition of the senior housing property in Corona, Queens is a smart investment for Waldron Street Owner LLC, as it provides the firm with a stable source of income and exposure to a growing market. The property’s prime location and well-maintained condition make it an attractive asset for the firm, and the expertise of the brokers involved in the transaction ensured a successful outcome for all parties involved.