Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FLUSHING, NY-A package consisting of an elevator apartment building containing 160-rent-stabilized apartments has hit the market. Adelaide Polsinelli, senior executive broker of the Platinum Team at Bensen & Associates Inc., who it marketing the sale, tells GlobeSt.com that the partnership known as Roosevelt LLC is selling to pursue separate ventures.

“This building represents one of the last exceptional investment opportunities in a neighborhood diverse with culture and promising new noteworthy redevelopment,” Polsinelli says. “The average rents in this property are approximately $870 per month, far below the market rent achievable in similar buildings.” She further notes that the apartments are all along Roosevelt Avenue here.

The partnership consists of two groups of different families, she tells GlobeSt.com. “The strength of the Flushing residential market is clearly an indication that investing in rent-regulated apartments is the best hedge in a volatile real estate environment.”

Polsinelli also recently sold a 10-building package of apartment buildings here, as GlobeSt.com reported when it was first marketed in March. Bowne St. Associates LLC were the sellers of that residential package and decided to sell after the partnership chose to break up. Polsinelli explained that it was only recently sold to a local buyer and is currently in contract for 90 days. She could not further disclose information regarding that deal at this time, but she notes that the sellers of the 160-rent-stabilized apartments now on the market were “impressed by the results of that previous deal.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.