Alpha Realty announced the exclusive listing of a fully leased, newly constructed 29-unit multifamily elevator building in Old Astoria. Priced at $17M with a 6% cap rate, the property features luxury amenities and is located near the Astoria Boulevard subway station.
-- Alpha Realty recently listed a newly built, seven-story elevator building at 23-33 Astoria Boulevard in Astoria, Queens. The property is priced at $17,000,000 and includes 29 free-market residential units and one ground-floor commercial space, totaling 25,841 square feet. All apartments are fully leased, and the asset delivers a 6.0% cap rate at asking.
“This property is a standout in Astoria’s growing luxury rental sector,” said Lev Mavashev, Principal at Alpha Realty. “With modern finishes, a full suite of amenities and zero rent regulation, this is a premier turnkey investment in one of the most dynamic neighborhoods in New York City.”
Full property details are available at: https://www.alpharealtyny.com/new-to-market-fully-leased-astoria-multifamily-investment-building-for-sale/
The unit mix features one- and two-bedroom layouts, including several two-bedroom, two-bath apartments over 1,000 square feet. Tenants are responsible for their own utilities, and the building operates without rent regulation, allowing for efficient management and long-term value preservation.
Located between Crescent Street and 23rd Street, the building is within walking distance of the Astoria Boulevard subway station (N/W lines) and sits close to local retail, restaurants, and waterfront amenities.
Property Highlights:
- Address: 23-33 Astoria Boulevard, Astoria, NY 11102
- Residential Units: 29
- Commercial Unit: 1 (550 SF)
- Total SF: 25,841
- Lot Size: 50’ x 157.68’
- Zoning: R6A, R5D, C1-3
- Cap Rate: 6.0%
- GRM: 13.1x
- Price/SF: $658
Building amenities include: a fitness center, co-working space, rooftop cabana lounge, laundromat, and on-site parking for 15 vehicles.
The property generates an effective gross income of approximately $1.29 million annually. With no rent regulation and all units leased, the building offers consistent cash flow and long-term stability.
The listing is managed by Lev Mavashev, with team members Ben Normatov and Daniel Aminov, who specialize in investment sales across Queens and Brooklyn.
For offering materials or to schedule a tour, contact Alpha Realty at www.alpharealtyny.com.
About Alpha Realty
Alpha Realty is a New York City–based investment sales brokerage firm specializing in multifamily and mixed-use properties. Founded by Lev Mavashev in 2014, the firm has quickly become one of the most active and respected players in the NYC commercial real estate market. With deep experience across Brooklyn, Manhattan, and the outer boroughs, Alpha Realty combines local market expertise with hands-on deal execution, delivering consistent results across transactions of all sizes.
About the company: Commercial Lending News delivers expert reporting and industry analysis across commercial real estate, lending, banking, finance, and investment sectors. From interest rate trends to major acquisitions and market-shaping technologies, our coverage connects decision-makers to the insights that drive the future of business and investment.
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