March 2012 

KALED BROKERAGE, RECENT SALES


Spotlight on 117-14 Union Turnpike
Overlooking Forest Park from a 108-unit prewar co-op in Kew Gardens, this top-floor, one-bedroom unit was priced to sell but stayed on the market for six months. Close to public transportation options, the apartment is sunny, with hardwood floors, an eat-in kitchen, a large living/dining area and plenty of closet space at 750 square feet.

DEAL MAKER
Patricia Athanasopoulos, Kaled Management

THE SALES SKINNY ON FF2:
The ASK:
$189,000
The GET:
$180,000
The PRICE PER SQ. FT.:
$240
The WAIT:
6 months (closed 11/30/2011)
The FINANCING:
70%

BUILDING PROPERTY TAXES
Assessed value: $1,015,280
Market value: $2,442,000
Annual property taxes: $103,595

THE VISION THING
If someone asked you to picture a co-op in Kew Gardens, chances are you'd imagine a building much like 117-14 Union Turnpike. It's a central Queens classic.

"We've got a good mix of people here" says managing agent Michael Ravner of Kaled Management. "There's a little bit of everybody. It's a friendly group. We really don't have any major issues going on here -- no troublemakers."

The building is prewar, built in the 1920's. "The overall character and old-school feel to it is a nice characteristic of the building." says Ravner. In recent years, the board has tried to keep things humming while maintaining that charm. Most recently it replaced the crumbling blacktop in the courtyard with cement, and it is now in the very early stages of reviewing proposals to modernize the buildings's six elevators.

But in the end, the grand master of New York real estate cliches puts this property over the top, because the location is killer. The sylvan wonderland of Forest Park is "literally across the street," Ravner says, and within a few blocks in the other direction are Queens Boulevard, a subway stop, an LIRR station, and entrances to the Grand Central Parkway and Van Wyck Expressway. "You're really close to everything in this building," Ravner says.

MOST RECENT SALES
   $276,500 at $194/share (closed 1/10/12)
   $270,000 at $175/share (closed 4/8/11)
   $330,000 at $210/share (closed 1/5/11)

For more information:
Contact Patricia Athanasopoulos at Patricia.Athana@kaled.com or
516 876 4800.