"This building represents one of the last exceptional investmentopportunities in a neighborhood diverse with culture and promisingnew noteworthy redevelopment," Polsinelli says. "The average rentsin this property are approximately $870 per month, far below themarket rent achievable in similar buildings." She further notesthat the apartments are all along Roosevelt Avenue here.

The partnership consists of two groups of different families,she tells GlobeSt.com. "The strength of the Flushing residentialmarket is clearly an indication that investing in rent-regulatedapartments is the best hedge in a volatile real estateenvironment."

Polsinelli also recently sold a 10-building packageof apartment buildings here, as GlobeSt.com reported when it wasfirst marketed in March. Bowne St. Associates LLC were the sellersof that residential package and decided to sell after thepartnership chose to break up. Polsinelli explained that it wasonly recently sold to a local buyer and is currently in contractfor 90 days. She could not further disclose information regardingthat deal at this time, but she notes that the sellers of the160-rent-stabilized apartments now on the market were "impressed bythe results of that previous deal."