Published On: Thu, Sep 4th, 2014

Werber Management Pays $50 Million for 2 Queens Properties

56 Steinway St

Benjamin Werber’s Queens based construction and management firm Werber Management has made two major acquisitions recently for more than $50 million, as reported in The Real Deal.

The first acquisition was a commercial building in Astoria, Queens, for which the firm paid $32 million. Located at 28-56 Steinway Street near 30th Avenue, the property is currently home to a Duane-Reade pharmacy, a JPMorgan Chase Bank and a New York Sports Club gym, as well as office spaces. It has 50, 000 square feet of space over three floors.

It also comes with more than 57, 000 square feet of additional buildable space, but as of now Werber is only looking at it as an investment and is not planning any new development there, a source told TRD. Its last owners paid $22.5 million for it in 2007.

In another part of Queens, Elmhusrt, Werber paid $21 million for a rental apartment building located at 42-72 80th St, near Queens Blvd.

That six story red brick elevator serviced building has 103 units, 8 of which are rent stabilized. There are 43 two bedroom apartments which rent for $2, 200 a month, 18 studios and 42 one bedroom units. Six of the units feature terraces.

Built in 1955, it has a total of 89, 000 square feet of space and sits on a 25, 550 square foot lot.

Werber is not planning on converting the building to condominiums, though, and for now will only upgrade its common areas.

Last month Werber named The Heller Organization to market its rental apartment building located at 202 Eighth Street, located on the border of Gowanus and Park Slope in Brooklyn, which it acquired in 2013.

The 12 story building has 51 units and was originally intended for condominiums. Its kitchens feature Liebherr, Bosch and Electrolux appliances and custom Scavolini cabinetry. Many of the units have private terraces or balconies.

Residents there enjoy outdoor spaces, including a landscaped park, a common terrace with an outdoor fireplace, and a furnished roof deck with an outdoor grill, dining areas and views of the Manhattan skyline, the Statue of Liberty and Brooklyn Harbor. There is also a private gym, Fresh Direct delivery room, storage space.

Werber Management’s portfolio includes owned and operated commercial properties in Manhattan, Queens, Long Island, Westchester, New Jersey, Connecticut, Boston and Atlanta. It also manages close to one thousand residential apartments in Queens and Manhattan.

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