"Based on the number of existing market rateunits--approximately 57%--the property could begin the conversionprocess immediately, although the new owners will likely operate itas a high-end rental," Ezratty explains. "The stores along FirstAvenue, which comprise 9,700 sf, are 100% occupied at an averagerent of $75 per foot, well below market. So there's terrific upsidefor the new owner to increase retail rental rates, and convert thebuilding to condominiums according to market demand or operate itas a high-end rental building."
Ezratty adds that "Stonehenge competed for the property and wonby being aggressive and nimble, acting quickly to secure thisexcellent residential opportunity." The buyer will benefit whenleases on the market-rate apartments and regulated unitsexpire.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
