Jungreis and Guttman of Rosewood Realty completes $7.7 million Queens sale

Rosewood Realty Group has brokered the sale of a six-story multifamily beachfront building in Belle Harbor for $7.75 million. The sale of the 72-unit elevator building was brokered by Aaron Jungreis and Michael Guttman of Rosewood Realty Group, who represented the seller, Epirus Properties, Inc. and the buyer, an investment group. The 65,000 s/f building at 122-20 Ocean Promenade, is located on the Queens waterfront in a middle class neighborhood. The building traded for ten times the current rent roll. "This building, which is one of the few rental buildings left in the area, is a fantastic investment for the buyer with rents stable and growing," said Jungreis who found a buyer and put the all cash deal together. "Given the current market climate, we are thrilled to close deals like this where all parties worked quickly together to ensure a smooth closing," said Guttman. "The buyer, who recognized the irreplaceable value of beach front property, plans to upgrade the building." Earlier this year, Rosewood Realty Group brokered another of the borough's largest multifamily sales consisting of three buildings in Glendale or $7.7 million. The 63,000 s/f portfolio included: 71-15, 71-21 and 71-27 65th St., all four-story walk-ups. Rosewood Realty Group, a commercial brokerage firm founded in 2007 by Jungreis and David Berger, specializes in multi-family and office buildings, with activity focused in New York, New Jersey, Connecticut and Florida.