Elevator Multifamily Building at 41-40 Union Street in Flushing, Queens, Sells for $21,491,000

Successful Sale of 41-40 Union Street in Flushing, Queens

Bob Knakal and his team successfully closed the sale of 41-40 Union Street, a 93-unit multifamily elevator building in Flushing, Queens. The sale, finalized on February 28, 2009, achieved a price of $21,491,000, translating to approximately $307.89 per square foot.

As one of the largest multifamily transactions in Flushing at the time, this deal underscored the strong demand for well-located, income-producing properties in the neighborhood. The property, featuring nearly 70,000 square feet of residential space, attracted considerable interest due to its location in a rapidly growing area known for its vibrant commercial district and accessibility to public transportation.

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Sale Details

The closing price of $21.49 million reflected the strength of the Flushing multifamily market, which had been experiencing steady demand from investors seeking stable assets with long-term appreciation potential. The property’s elevator-serviced design and efficient unit mix made it particularly attractive for both institutional and private investors.

Sale Price: $21,491,000
Property Type: Multifamily – Elevator
Sale Date: February 28, 2009
Square Footage: 69,802 SF
Price per SF: $307.89
Units: 93

Property Details

Situated in the heart of Flushing, 41-40 Union Street stands as a well-maintained multifamily building with 93 residential units. Its elevator-serviced design enhances convenience for tenants, while the substantial square footage provides an opportunity for stable cash flow and long-term value appreciation.

Full Address: 41-40 Union Street, Flushing, NY
Neighborhood: Flushing, Queens
Building Type: Multifamily Elevator Building
Lot Size: Not Provided
Stories: Not Provided

Market Strategy and Execution

Bob Knakal and his team leveraged their deep market knowledge and strategic approach to position the property competitively. Given Flushing’s increasing desirability among investors, the team focused on showcasing the building’s income potential and accessibility to major transit hubs, including the nearby 7 train and Long Island Rail Road station.

To generate interest, Bob’s team engaged a broad network of investors, highlighting the property’s long-term growth prospects in one of Queens’ most dynamic neighborhoods. This strategy helped maximize competition, resulting in strong offers and an optimal outcome for the seller.

Neighborhood Overview

Flushing, Queens, is one of New York City’s most active real estate markets, known for its:

Thriving commercial hub – Home to an extensive selection of retail, dining, and business establishments.
High demand for multifamily housing – A sought-after location for both renters and investors.
Convenient transportation options – Close proximity to the 7 train, Long Island Rail Road, and multiple bus lines.
Continued economic growth – A rapidly expanding neighborhood attracting both local and international investment.

Conclusion

The sale of 41-40 Union Street highlights Bob Knakal’s expertise in securing premium outcomes for multifamily assets in competitive markets. By implementing a well-crafted marketing strategy and leveraging strong buyer interest, Bob and his team successfully closed the transaction at a price that reflected the property's full market potential.