The 700 Ocean Ave. building offered the buyer, a local aggressive investor who also owns a nearby property, tremendous upside potential, according to a prepared statement. Michael Kerwin, senior broker at GFI Realty Services, represented both the buyer and the seller in this transaction. Kerwin tells GlobeSt.com that he cannot disclose the buyer or seller at this time; however he did note that the reason for selling was because the buyer made an offer the seller could not refuse. "The price we got was the asking price," he says. "He outbid three other buyers for the property."

Kerwin says that "this transaction is a perfect example of deals still happening in this volatile market. The opportunities like 700 Ocean are out there, they just need to be executed in a different way." The buyer purchased 700 Ocean Ave. at 11.2 times the rent roll, $113,000 dollars per unit and plans to add significant renovations to help increase the overall value, Kerwin explains.

The property in Elmhurst was sold to a long-time Queens investor who was looking to add to his portfolio. Yosef Katz, a senior broker at GFI who represented both the buyer and seller, tells GlobeSt.com that although he cannot disclose the buyer or seller, the reasoning behind selling was part of a reverse 1031 exchange.