Freeman, senior director sales at Massey Knakal, tells GlobeSt.com the time frame for the conversion to for-sale housing is two to three years, "depending on the market." Although securing a JV partner was the goal of owner Frank Farella, Freeman says it isn't typical.

"I can't say I'm seeing more joint ventures," Freeman says. "Partnering with a stranger is a difficult way to conduct business, and although I think there are more owners/developers who would like a JV partner to enter their projects now because of tough times, the guys with cash are picking their spots very carefully."

The 140,778-square-foot, landmarked apartment complex--located on Hicks Street--spans over two blocks between Kane and Warren Streets. The complex consists of nine six-story adjacent walkup apartment buildings with 188 units. Two of them are free market while the remaining 186 units are rent-stabilized.

Built in 1876 by Alfred T. White, the complex overlooking the Brooklyn-Queens Expressway is considered one of the first examples of 'socially engineered' modern working-class housing in America. The restoration project in the 1970s, which cost $5 million, is reportedly the largest project developed under New York City's neighborhood preservation program. Massey Knakal was the sole broker in the transaction