Adelaide Polsinelli and Perry Lee brokered both sides of the first deal on behalf of Bensen & Assoc. The second deal was negotiated principal to principal without brokers, says Polsinelli. Andy Albstein at Goldberg, Weprin & Ustin provided legal counsel for Mermelstein, sources close to the deal tell GlobeSt.com.
While the second sale price was undisclosed, Polsinelli says that Middlestof originally wanted $5.5 million for the building, but that he lowered the price during negotiations. "He was waiting for someone to come along and take care of the building the way he did," she says.
The ultimate purchaser, 520-Penjan Realty LLC, also assumes management duties for the building, Lee tells GlobeSt.com.
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