Marcus & Millichap Brokers $28.5 Million Sale of Waterfront Multifamily Property in Queens

NEW YORK — Marcus & Millichap (NYSE: MMI) announced Nov. 6, 2026, the sale of 23-50 Waters Edge Drive, a six-story multifamily property with 120 residential units and seven commercial spaces in the Bay Terrace neighborhood of Bayside, Queens. The property sold for $28.5 million, or $224,409 per residential unit.

Sean Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap represented the seller and procured the buyer, a multigenerational family office.

Deal Details for 23-50 Waters Edge Drive

The $28.5 million sale price equates to $224,409 per residential unit based on the building's 120 apartments. The property also includes seven commercial spaces and contains approximately 120,000 square feet, which puts the price at roughly $237 per square foot. The capitalization rate on the sale was 5.5%.

The transaction closed Oct. 8, 2026. Jon Kossar was the seller.

Because the asset combines residential and commercial space, the per-unit figure reflects only the residential count, while the per-square-foot figure reflects the entire mixed-use property.

Property Features in Bay Terrace

Constructed in 1969, 23-50 Waters Edge Drive is a full-service, gated building with a 24-hour doorman and security, on-site parking and garage options, an elevator, a laundry room and resident storage space. Select units have private terraces with water views.

The property is within walking distance of Little Bay Park, Alley Pond Park and waterfront trails. The Bay Terrace shopping center is a short walk away, and restaurants, bakeries, boutique retail, nightlife, fitness and wellness services are close by on the Bell Boulevard commercial corridor.

Express bus service to Midtown Manhattan is two-and-a-half blocks from the property. The Long Island Rail Road's Bayside station is within a short drive, and the Cross Island Parkway, Interstate 295 and the Long Island Expressway are nearby.

Broker Commentary on Queens Multifamily Demand

"The area surrounding 23-50 Waters Edge Drive continues to benefit from steady residential investment and growing multifamily housing demand," said Fopeano of Marcus & Millichap's New York City office. "PS 388, a new public elementary school under construction adjacent to the property will further enhance the neighborhood's appeal to families and strengthen its community infrastructure."

Marcus & Millichap Activity

Marcus & Millichap is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services, with offices throughout the United States and Canada. As of Dec. 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices.

The firm closed 8,818 transactions in 2025, with sales volume of approximately $50.9 billion. That total included brokerage, financing and other transactions, with 6,038 brokerage transactions, 1,659 financing transactions and 1,121 other transactions. In the fourth quarter of 2025, the company reported approximately $16.9 billion of sales volume across 2,753 transactions.

Outlook for the Bayside Multifamily Market

The sale of 23-50 Waters Edge Drive adds a data point for pricing of mixed-use multifamily assets in northeastern Queens. The building's combination of residential units, commercial space, proximity to parks and shopping, and transit access underpins the demand cited by the brokerage team. The planned PS 388 elementary school adjacent to the property was highlighted by Fopeano as an additional factor for family-oriented demand in the neighborhood.