Portelli tells GlobeSt.com she represented both the seller, Alaf Estates LLC, and the purchaser, Bristol Street Equities LLC, in the transaction. The property includes 40 apartments, two retail tenants including a McDonald's franchise, and a cell antenna.
"The property boasts 60 feet of frontage on the bustling retail corridor of Pitkin Avenue," says Portelli. She adds that 1642-1616 Pitkin represents "tremendous future value for the purchaser, with the low average rents and large apartments, plus the added stability of a global retail tenant."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
