Cushman & Wakefield announced today that it has been retained by 153rd Street Associates to sell The Opal, a 14-story Class-A multifamily property with 388 apartments located at 75-25 153rd Street in Kew Gardens Hills, Queens, NY.
The Opal presents a highly attractive investment opportunity in New York City, the strongest residential market in the US. The property features a 24-hour doorman and concierge service, onsite 308-car underground parking, a state-of-the-art fitness center, expansive outdoor space and roofdecks, impressive Manhattan skyline views and complimentary shuttle service to the subway for commuters. Developed in 2004 by a partnership between The Dermot Company and the AFL-CIO Building Investment Trust, The Opal received a 25-year 421a real estate tax abatement under NYC’s 80/20 Inclusionary Housing Program. The Opal also benefits from favorable assumable HFA bond financing through May 2036.
"The Dermot Company and the AFL-CIO Building Investment Trust look forward to working with Cushman & Wakefield on the sale of The Opal. The asset has generated strong performance in the past and we are optimistic that a moderate renovation will drive future rental rates. In a top-tier location, The Opal should strongly benefit from increasing resident demand in the Borough of Queens," said Steve Benjamin, Chief Operating Officer of The Dermot Company.
A Cushman & Wakefield New York Capital Markets team of Steve Kohn, Helen Hwang and Nat Rockett, as well as Brian Whitmer from the firm’s East Rutherford, NJ office, are leading the marketing effort.
“The Opal is a top-quality apartment community in Queens that provides residents with exceptional amenities in an attractive six-acre setting,” said Steve Kohn, President, Equity, Debt & Structured Finance. “The location is great for professionals, students and families; it’s close to Touro College, St. John’s University, Queens College and numerous employment centers, and 15 minutes from both JFK and LaGuardia airports,” said Helen Hwang, Executive Vice President of Capital Markets.