Rental Building at 26-36 27th Avenue Sells for $47.2 Million

26-36 27th Avenue-sold

The financial services company TIAA-CREF just sold the 14-story, 115-unit rental development at 26-36 27th Avenue in Long Island City Astoria. The Real Deal reports that they made $47.2 million off the sale; the company paid $42.5 million for the property in March 2011. According to TRD, “The buyers were five California-based LLCs that bought the property through a tenancy-in-common, a type of shared ownership that allows for free transfer to other owners.” It looks like one of the new owners has ties to the billionaire real estate investor Jeff Greene. The development primarily holds studio and one-bedroom apartments, at an average size of 765 square feet and an average rent of $2,521.

TIAA-CREF Sells Long Island City Rental Building for $47.2M [TRD]

Photo via Google Maps

5 Comment

  • This is Astoria my friends.

  • I thought Astoria is technically a section of LIC, just like Sunnyside and some other neighborhoods with 111- as a zip code prefix.

    • No. They are distinct neighborhoods, to the extent that “neighorhoods” has any official designation.

      Now, LIC can be further broken-down into two sections: Hunter’s Point and Dutch Kills, the respective southern and northern sections. Astoria begins where Dutch Kills ends, at least on the western side.

    • There’s confusion because for a brief period (1870-1898) Astoria was part of the city of Long Island City. But that ended with the unification of the city in 1898. All that is left of this era are post office designations and a few old manhole covers in Astoria that say “long Island City.”