Rego Park Rent-Regulated Complex Listed For Sale: Report

REGO PARK, QUEENS - A collection of rent-regulated apartment buildings along Queens Boulevard has hit the market. The 18-building Rego Park complex was listed for $210 million, Crain's reported.

The 539 rent-regulated apartments line Queens Boulevard by 65th Ave. The current owners, whom Crain's identified as the Kestenbaum family, have owned the buildings for the last 75 years.

"It's been managed like it's their personal home," Tom Donovan, a partner and vice chairman at B6 who is managing the sale, told Patch. "They're hoping whoever buys it is going to continue operating it the way they have."

Real estate investors will buy rent-regulated buildings like these in hopes of deregulating the apartments and making steep profits. But the Democrat-controlled State Senate is now expected to introduce legislation that would throw a wrench in that business model.

"There is concern because we don't know what the next round of legislation will bring, but we're committed to selling," Donovan told Crain's. "We think that this is a special enough asset that a host of buyers like families and institutional real estate investors will see this as a long-term play. While the laws may change in the short term, this is a traditional New York City investment property that any substantial owner will want."