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Distressed MF Property Sold in Far Rockaway

FAR ROCKAWAY, NY—Three weeks of jockeying among prospective buyers came to an end with Cobb Realty stepping up, GlobeSt.com has learned EXCLUSIVELY.

By Rayna Katz | Updated on March 04, 2014

FAR ROCKAWAY, NY—After a heated battle for ownership, Cobb Realty has snapped up 22-29 Dix Ave., a distressed property here, GlobeSt.com has learned EXCLUSIVELY. The buyer—for whom the principal investor isn’t being named—was under contract within three weeks of the asset coming on market, according to Besen & Associates, which represented the buyer in the deal.

Poorly run for some time—with just under 20% of tenants enmeshed in courtroom battles over non-payment of rent—the 130-unit, five-building property was sold for $8.5 million, or $103 per square foot. C-III Realty Services and Savills served as exclusive representation for the seller, JP Morgan Chase, and Lev Mavashev of Besen represented the purchaser. On the legal front, Winstead PC represented the seller and Neil Kupferman of Neil Kupferman PC represented the buyer.

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