Successful Sale of the Nolan Family Portfolio in Astoria, Queens
Bob Knakal successfully arranged the sale of the Nolan Family Portfolio, also known as the Astoria Multifamily Portfolio, a collection of four walk-up multifamily buildings located across Astoria, Queens.
The portfolio, comprising 220 residential units across 165,675 square feet, was sold by Chris Nolan to Urban America for $30,100,000. This significant transaction highlights the continued strength of Astoria as one of New York City’s most sought-after rental markets.
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Sale Details
This sale marked one of the largest multifamily portfolio trades in Queens during 2010.
- Sale Price: $30,100,000
- Price per SF/BSF: $181.68
- Buyer: Urban America
- Seller: Chris Nolan
- Asset Class: Multifamily – Walk-Up, Portfolio
- Sale Date: December 29, 2010
- Units: 220
Portfolio Highlights:
- Four walk-up multifamily buildings totaling 165,675 SF
- Strong in-place cash flow with upside rental potential
- Prime Astoria locations with proximity to transit and retail corridors
Property Details
The Nolan Family Portfolio included four separate properties strategically located across Astoria:
- 25-21 31st Avenue
- 31-49 29th Street
- 29-07 31st Avenue
- 30-95 29th Street
These buildings represent some of the most desirable multifamily assets in Queens, with efficient layouts, stable tenancy, and long-term rental demand.
Investment Highlights:
- Size: 165,675 total SF across 220 units
- Property Type: Multifamily – Walk-Up Buildings
- Configuration: Four contiguous portfolio assets with prime residential footprints
- Price Basis: $181.68 per SF
Market Strategy and Positioning
Astoria has long been recognized as one of the strongest rental markets in Queens due to its high demand for multifamily housing, stable tenant base, and excellent access to Manhattan. By packaging the four properties together, Bob Knakal was able to create a larger, more compelling offering for institutional investors, generating competitive bidding interest.
This strategy positioned the portfolio as both a long-term hold with strong cash flow and an opportunity for value-add repositioning through renovations and rent growth.
Neighborhood Overview
Astoria is a vibrant and culturally diverse neighborhood in western Queens, known for its mix of historic residential blocks, thriving commercial corridors, and access to the East River waterfront. Its reputation as a stable and growing community continues to attract both residents and investors.
Neighborhood Highlights:
- Excellent Connectivity: Just minutes from Midtown Manhattan via the N, W, and R subway lines.
- Cultural Appeal: Home to the Museum of the Moving Image, Kaufman Astoria Studios, and a diverse dining scene.
- Community Strength: A blend of long-term residents, young professionals, and families supports strong rental demand.
- Lifestyle Amenities: Proximity to Astoria Park and the East River waterfront adds recreational and lifestyle value.
Conclusion
The sale of the Nolan Family Portfolio in Astoria underscores the enduring appeal of Queens multifamily assets and the value of strategic brokerage representation. Bob Knakal’s ability to structure and position the transaction ensured the seller achieved a strong outcome in a competitive market.
This deal demonstrates Bob Knakal’s expertise in navigating complex portfolio sales and securing maximum value for property owners in New York City’s most dynamic submarkets.
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Frequently Asked Questions
Q1: What is the Nolan Family Portfolio?
The Nolan Family Portfolio, also known as the Astoria Multifamily Portfolio, is a collection of four walk-up multifamily buildings totaling 220 units in Astoria, Queens.
Q2: How much did the portfolio sell for?
The portfolio sold for $30,100,000, translating to approximately $181.68 per square foot.
Q3: How many units are included in the portfolio?
The portfolio consists of 220 residential units spread across 165,675 square feet.
Q4: Where are the properties located?
The portfolio includes four addresses in Astoria: 25-21 31st Avenue, 31-49 29th Street, 29-07 31st Avenue, and 30-95 29th Street.
Q5: Why is Astoria considered a strong rental market?
Astoria’s appeal lies in its proximity to Manhattan, diverse community, cultural attractions, and strong rental demand, making it one of Queens’ most desirable neighborhoods for investors.
