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, tellsGlobeSt.com that although he cannot disclose the buyer or seller,the reasoning behind selling was part of a reverse 1031exchange.