Press Releases
Marcus & Millichap Arranges $4.2M Sale and Financing of Office-Over-Retail Asset in Astoria
April 14, 2025
NEW YORK, April 14, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 3,360-square-foot mixed-use property at 30-23 30th Ave. in Queens, New York, for $4.2 million. The transaction marks the first time the property has changed hands in more than 42 years.
Matt Fotis, Lazarus Apostolidis and Hunter Barocas, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller. The buyer, a local private investor, was procured by Fotis and Apostolidis. Steve Filippo with Marcus & Millichap Capital Corporation (MMCC), arranged financing.
“As volatility in the market remains, the gap in value among different properties continues to grow,” said Fotis. “Our deep understanding of the Astoria market enabled us to recognize the true value of this property and identify the buyers who appreciate the uniqueness of this opportunity,” added Apostolidis.
The two-story property is located in the heart of Astoria at the corner of 30th Avenue and 31st Street, directly across from the N and W subway lines. It includes five street-level retail units and two upstairs office suites, one of which is leased to State Farm Insurance. The building benefits from approximately 94 feet of combined frontage and strong foot traffic.
Matt Fotis, Lazarus Apostolidis and Hunter Barocas, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller. The buyer, a local private investor, was procured by Fotis and Apostolidis. Steve Filippo with Marcus & Millichap Capital Corporation (MMCC), arranged financing.
“As volatility in the market remains, the gap in value among different properties continues to grow,” said Fotis. “Our deep understanding of the Astoria market enabled us to recognize the true value of this property and identify the buyers who appreciate the uniqueness of this opportunity,” added Apostolidis.
The two-story property is located in the heart of Astoria at the corner of 30th Avenue and 31st Street, directly across from the N and W subway lines. It includes five street-level retail units and two upstairs office suites, one of which is leased to State Farm Insurance. The building benefits from approximately 94 feet of combined frontage and strong foot traffic.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
