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Queens multifamily portfolio consisting mainly of rent-stabilized units has been sold to Benedict Realty Group in an off-market deal worth $46.5 million. The seller, Algin Management, a family-owned company founded by Albert Ginsberg in 1957, traded three properties for approximately $107,000 per unit. The buyer is a real estate investment and property management firm based in Great Neck.

    The portfolio includes Richelieu Gardens, a complex of three buildings in Jackson Heights, and two six-story buildings in Elmhurst: The Martinique and The Alameda. The sale price reflects the high regulated rents and good condition of the properties. Recent rent data shows one-bedroom units rented for $2,400 at Richelieu Gardens, $2,800 at The Martinique, and $2,600 at The Alameda.

    The 2019 changes to the rent law have significantly impacted rent-stabilized buildings, with net operating income plummeting 9.1% in 2021 – the steepest annual decline since tracking began in 1990. The previous sales of these properties likely predated the effects of this legislation on their value. Representatives for Algin and Benedict did not comment on the sale.