The building sale also includes an additional 67,280 sf of airrights. It was built in 1930 and was owned by the previous buyerfor the last 23 years; it sold at a cap rate of 9%. The property isa little more than 90% occupied and the surrounding area officesare tenanted by social service and nonprofit tenants, which includeAmerica Works, the Federation of Jewish Philanthropies of NY, theLong Island Jewish Medical Treatment Center.

"This property is well-positioned to reap the rewards of anappreciating location," says Ellen Volpe, of Besen's Platinum Team.Volpe, Ross and Adelaide Polsinelli, all with Besen, handled thetransaction.

Ross tells GlobeSt.com that the Far Rockaway is becoming asought-after area outside of Manhattan, after hitting "rock bottom"a few years ago. "There is a definite pickup in activity and desireto be in this location due to the Averne by the Sea project, whichis 117-acre mixed-use development site that had been on the drawingboard for many years and is now becoming a reality."