Alpha Realty launches a $57.5M portfolio of rare free-market multifamily assets in Brooklyn and Queens. The three stabilized, income-producing properties offer 94 residential units and five commercial spaces with cap rates from 5.8% to 6.75% in prime NYC neighborhoods.
-- Alpha Realty has been retained as the exclusive advisor for the sale of three multifamily buildings in Brooklyn and Queens, totaling $57.5 million. Each asset is fully free-market, an uncommon designation in New York City’s rent-stabilized landscape, and offers a combination of stabilized income and long-term rent growth potential.
“These are needle-in-a-haystack deals,” said Mavashev. “Free-market buildings of this size are nearly impossible to find in today’s regulatory environment. Each of these assets is stabilized and positioned in a high-demand submarket.”
The listings come at a time of renewed investor interest in New York multifamily, with April rents hitting new highs in Manhattan and Brooklyn. As the summer rental season gains momentum, constrained supply of non-regulated housing continues to drive demand across prime neighborhoods. These free-market assets offer stabilized income with potential for future growth.
The listings are led by Lev Mavashev, Principal of Alpha Realty, and include:
1079 Fulton Street – Clinton Hill, Brooklyn - Offered at $19.25 million | 28,540 SF | 30 residential apartments + 4 commercial units. Originally operated as a women’s shelter, the building was acquired in 2021 and fully repositioned by Urban View. Now known as Fulton Residences, the seven-story elevator property includes luxury apartments, a roof deck, EV-compatible parking, and a 6.75% cap rate.
23-33 Astoria Boulevard – Astoria, Queens - Offered at $17 million | 25,841 SF | 29 residential apartments + 1 commercial unit. Completed in 2022, this newly constructed building features high-end finishes, a rooftop lounge, co-working space, and stabilized cash flow. The asset yields a 6% cap rate and sits in one of Queens’ most active rental corridors.
265 South 2nd Street – Williamsburg, Brooklyn - Offered at $22 million | 24,108 SF | 35 residential units. This six-story prewar walk-up was gut-renovated in 2016 and includes condo-level interiors, a rooftop deck, and virtual doorman. It offers a 5.8% cap rate, with additional rent upside through turnover and improved operations.
For additional property details or to request an offering memorandum, visit https://www.alpharealtyny.com/nyc-multifamily-for-sale-free-market-portfolio-brooklyn-queens/
About: Alpha Realty is a New York City–based investment sales brokerage firm specializing in multifamily and mixed-use properties. Founded by Lev Mavashev in 2014, the firm has quickly become one of the most active and respected players in the NYC commercial real estate market. With deep experience across Brooklyn, Manhattan, and the outer boroughs, Alpha Realty combines local market expertise with hands-on deal execution, delivering consistent results across transactions of all sizes.
About the company: Commercial Lending News delivers expert reporting and industry analysis across commercial real estate, lending, banking, finance, and investment sectors. From interest rate trends to major acquisitions and market-shaping technologies, our coverage connects decision-makers to the insights that drive the future of business and investment.
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