Aaron Jungreis and Joseph Smith of Rosewood Realty Group brokered the sale of 71-15, 71-21 and 71-27 65th St., which total approximately 63,000 square feet. They represented both the seller--Glendale Apartments, 65 LLC--and the buyer, 71-15 65th Street Associates, LLC. Jungreis procured the buyer and arranged the deal in three weeks' time.
The portfolio is comprised entirely of four-story walk-ups in a middle class neighborhood, which consists mainly of one and two-family homes. In a release, Jungreis says the deal represented "a fantastic investment for the buyer, with rents stable and growing. Financing was not an issue, since this was an all cash deal." Adds Smith, "Given the current market climate, we are thrilled to close deals like this where all parties worked quickly together to ensure a smooth closing."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
