22-29-dix-ave-rockaways

A buyer just picked up five four-story buildings for $8,520,000 in the Far Rockaways, reports the Commercial Observer. The low-rise complex is located at 22-29 Dix Avenue, just off Beach Channel Drive. The buildings hold a total of 130 apartments; 84 percent were occupied at the time of the sale.

Cobb Realty is the new owner of the development. Here are a few details about the transaction, from the Commercial Observer: “This buyer moved at lightning speed to secure the deal and close the transaction in three weeks. Given the property was operating in the red for the past two years, which was further exacerbated by Hurricane Sandy, a highly competent operator was paramount to making the deal.” Hopefully the new owner has plans in place to better storm-proof this complex for residents.

Far Rockaway Apartment Complex Sells for $8.5M [Commercial Observer] GMAP


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