Sections

Offers pour in after owner puts properties up for auction

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Adelaide Polsinelli, a broker with Besen & Associates, said Bowne St. Associates LLC is selling a portfolio of 10 apartment buildings, five townhouse buildings and a parking lot approved for more residential development. The properties could go for as much as $50 million together. She said the ownership group made the decision to put the buildings on the block because they are breaking up their partnership. Polsinelli said since she announced the offer last week, she had received more than 400 phone calls of interest alone for the buildings, located along 38th Avenue and Bowne Street. Polsinelli said the initial asking price for the three-part package is $50 million, but the final offer could prove to be much higher."Located just minutes away from all major transportation, and with such ethnic diversity, this property is an excellent investment opportunity," Polsinelli said.Polsinelli also said the package includes a vacant site currently used as a parking lot, which is pre-approved for a 12-story residential building. "This site is a perfect candidate for new condominiums or luxury rentals," she said. Polsinelli said the investment in the existing buildings is fairly low-risk because the rents are unlikely to go any lower. New York rent stabilization laws allow a landlord to raise rents in an apartment a set amount determined by the New York City Rent Guidelines Board. The package Polsinelli is selling ideally consists of three separate parts being sold together, although she said recent troubles in the credit market have forced her firm to consider selling the parts separately. The first part - which includes 143-15 38th Ave., 143-17 38th Ave., 143-19 38th Ave., 143-21 38th Ave., 143-23 38th Ave., 143-25 38th Ave., 37-04 Bowne St., 37-18 Bowne St., 37-08 Bowne St. and 37-22 Bowne St. - consists of 172 currently occupied, rent-stabilized apartments with an average rent of $869.Polsinelli said the existing residents are protected from eviction. The second part of the package includes 143-19A 38th Ave., 143-19B 38th Ave., 143-19C 38th Ave., 143-21A 38th Ave. and 143-21B 38th Ave. - five newly built townhouse complexes, each containing five apartments, which will have an average rent of $2,000."The person I envision buying the townhomes in part two is someone who is from the area who wants to buy a home and rents the rest to help pay for their mortgage," Polsinelli said.The final part of the package consists of a parking lot that straddles 142-32 37th Ave., 142-36 37th Ave., 142-40 37th Ave. and 142-42 37th Ave., which has approved plans in place for 108,310 square feet of residential development with community facility space and underground parking.Reach reporter Stephen Stirling by e-mail at Sstirling@timesledger.com or by phone at 718-229-0300, Ext. 138.

Updated 6:58 pm, October 10, 2011
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