John Crotty’s Workforce Housing Group pays $11M to St. Albans Realty for property in Jamaica

John Crotty’s Workforce Housing Group through the entity Albans Housing Development Fund Corporation paid St. Albans Realty, LLC $11.2 million for 114-05 170th Street in Jamaica. The deal closed on October 29, 2019, and was recorded on November 14, 2019. The transaction consists of 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 77 residential units. The property is 57,006 square feet.
The sale price per unit is $144,805.
The estimated cap rate is 4.4%

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $55,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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