"This building represents one of the last exceptional investment opportunities in a neighborhood diverse with culture and promising new noteworthy redevelopment," Polsinelli says. "The average rents in this property are approximately $870 per month, far below the market rent achievable in similar buildings." She further notes that 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 residential market is clearly an indication that investing in rent-regulated apartments is the best hedge in a volatile real estate environment."
Polsinelli also recently sold a 10-building package of apartment buildings here, as GlobeSt.com reported when it was first marketed in March. Bowne St. Associates LLC were the sellers of that residential package and decided to sell after the partnership chose to break up. Polsinelli explained that it was only recently sold to a local buyer and is currently in contract for 90 days. She could not further disclose information regarding that deal at this time, but she notes that the sellers of the 160-rent-stabilized apartments now on the market were "impressed by the results of that previous deal."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
