Mavashev of Besen & Associates reps buyer in $8.52 million sale of Dix McBride Apartments

Besen & Associates has completed the sale of Dix McBride Apartments, a garden/low-rise multifamily complex containing 130 apartments is located at 22-29 Dix Ave. in Far Rockaway. The complex is comprised of five four-story buildings with 82,321 s/f of net rentable area and 155 parking spaces. It was constructed in 1998 and resides on 1.87 acres, with 84% occupancy at initial time of the sale. The sale was completed at a price of $8.52 million as a co-broke. C-III Realty Services and Savills served as exclusive representation for seller J.P. Morgan Chase, and Lev Mavashev of Besen & Associates represented the purchaser, a local private investor. JP Morgan bought the note from CIBC, who were the original lenders to a private developer who built these buildings in 1998. They subsequently took the property back and put it back on the market. The property had undergone over $2 million in renovations after Hurricane Sandy, and benefits from the 421a tax exemption program, with 10 years remaining. It is adjacent to the Beach Channel and Dix Ave. bus stop and four blocks from the Far Rockaway MTA train station. Renovations included replacement of most mechanical equipment such as electrical meters, boilers, hot water heaters and elevators. The complex offers four apartment layouts, including a 410 s/f studio, a 499 s/f one-bedroom, a 683 s/f two-bedroom, and an 831 s/f three-bedroom. "Competition was fierce as distressed asset sales are rare in this market," said Mavashev. "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." The selling price equates to $65,540 per unit, $103 per s/f. Winstead PC represented the seller, and Neil Kupferman of the Law Office of Neil Kupferman PC represented the purchaser. Besen & Associates is a leading investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients. For more information, visit http://www.besenassociates.com.