IPA ARRANGES $47.3M SALE OF EXO ASTORIA IN NYC
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $47.3 million sale of the Exo Astoria, a 14-story, 117-unit multifamily building in the Astoria neighborhood of Queens in New York City. The sales price equates to approximately $404,000 per unit. Peter Von Der Ahe, Joe Koicim and David Lloyd of IPA represented the seller, the financial services firm TIAA-CREF, in the transaction. The buyer is a partnership between Forest Properties, a Massachusetts-based property management firm, and real estate entrepreneur Jeff Greene. Constructed in 2008 and recently upgraded, units at the property feature oak-plank flooring, recessed lighting and Bosch washers and dryers. Amenities at the property include an around-the-clock concierge, on-site covered parking, a residents’ lounge with gourmet kitchen, billiards, flat-screen TV and Wi-Fi access.