Fresh Meadows Development LLC, which was formed by Insignia, the Witkoff Group, Lehman Brothers and Cammeby's Int., sold the 140-building complex for $270 million. Insignia's pre-tax take is roughly $10 million, $6 million after taxes. The corporation acquired Fresh Meadows, one of the borough's largest apartment communities, in 1997. Joseph R. Loring & Assoc. renovated the three-million-sf complex in 1999. It has been purchased by Queens Fresh Meadows LLC.

Insignia chairman and CEO Andrew Farkas says the deal fits in with the firm's strategy of acquiring and disposing of assets within five years. "Our strategy is to take minority equity positions in investment-grade real estate, add value through creative leasing, capital improvement and operating-efficiency programs, and then dispose of the assets within a three- to five-year time horizon. This strategy enables our shareholders to benefit from the enhanced asset values we are creating. Insignia operating companies also realize significant revenue streams by providing leasing, property management and investment sales services for the properties in which we hold an equity stake."

The Insignia Co-investment Group was formed in 1996, with Jeffrey Goldberg as managing director. The Fresh Meadows sale was arranged by the Capital Advisors Group of Insignia/ESG, Insignia's U.S. commercial real estate services subsidiary and Lehman Brothers. Insignia Residential Group, which has managed Fresh Meadows since 1997, will assist in the management of the property under the new ownership.