The 700 Ocean Ave. building offered the buyer, a localaggressive investor who also owns a nearby property, tremendousupside potential, according to a prepared statement. MichaelKerwin, senior broker at GFI Realty Services, represented both thebuyer and the seller in this transaction. Kerwin tells GlobeSt.comthat he cannot disclose the buyer or seller at this time; howeverhe did note that the reason for selling was because the buyer madean offer the seller could not refuse. "The price we got was theasking price," he says. "He outbid three other buyers for theproperty."


Kerwin says that "this transaction is a perfect example of dealsstill happening in this volatile market. The opportunities like 700Ocean are out there, they just need to be executed in a differentway." The buyer purchased 700 Ocean Ave. at 11.2 times the rentroll, $113,000 dollars per unit and plans to add significantrenovations to help increase the overall value, Kerwinexplains.


The property in Elmhurst was sold to a long-time Queens investorwho was looking to add to his portfolio. Yosef Katz, a seniorbroker at GFI who represented both the buyer and seller, that although he cannot disclose the buyer or seller,the reasoning behind selling was part of a reverse 1031exchange.


The investor recognized the six-story, 67-unit residentialproperty as an opportunistic purchase, according to Katz. "Thisdeal was on the market for a while," he says, adding that it was onthe market for three months. "After we presented it to our buyer ina different light we were able to achieve the purchase price," hesays. "He intends to keep the property as a rental and use hismarket knowledge to increase the income." Katz says that the paidprice was 10% above market value. The property features an indoorparking garage available for rental to building tenants.

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Natalie Dolce

Natalie Dolce, editor-in-chief of and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses, 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 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 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,, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including and Museums New York magazine.