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Pistilli Realty Group Pays $9M For Multi-Family Building

10/25/2010

Pistilli Realty Group acquired 109-15 - 109-25 Merrick Blvd in Jamaica, NY from The Praedium Group LLC for $9.05 million, or $68,561 per unit.

The six-story, 118,566-square-foot multi-family building was constructed in 1963. The property totals 132 apartment units in two buildings, and was reported at 90 percent occupancy at time of sale.

Thomas Donovan, Robert Knakal and Brian Sarath of Massey Knakal Realty Services, Inc represented the seller, The Praedium Group LLC. The buyers, Pistilli Realty Group, were represented in-house.

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