Staten Island Multifamily Property Sells for $3.67M

A multifamily property located at 30 Montgomery Avenue in Mid Island, Staten Island, NY 10301 has sold for $3.67M. The property spans 10,713 square feet and was sold on March 26, 2019. The deal was brokered by Ron Molcho, Richard Dunn, Maurice Molcho, and Kimberly Iannotta.

The property is a three-story walk-up building with 16 residential units. The building was constructed in 1920 and has undergone several renovations over the years. The property is located in a residential area of Staten Island, close to public transportation and local amenities.

The buyer, whose identity has not been disclosed, is a private investor looking to expand their portfolio in the New York City area. The seller, also undisclosed, was a local real estate investor who had owned the property for several years.

The sale price of 3.67M represents a price per square foot of 343. This is in line with recent sales of multifamily properties in the area, which have been averaging around $350 per square foot. The property was on the market for approximately six months before it was sold.

The brokers involved in the deal have extensive experience in the New York City real estate market. Ron Molcho, Richard Dunn, Maurice Molcho, and Kimberly Iannotta are all part of the investment sales team at Marcus & Millichap, a leading commercial real estate brokerage firm. They specialize in the sale of multifamily properties in the New York City area and have a track record of successful transactions.

Overall, the sale of 30 Montgomery Avenue is a positive sign for the Staten Island multifamily market. The property’s location and condition, combined with the expertise of the brokers involved, helped to secure a strong sale price for the seller. The buyer, meanwhile, has acquired a valuable asset in a desirable location with strong potential for rental income and long-term appreciation.