Solano of Got Properties and Brenner of Prime Rlty. complete $7.25 million sale

Diane Solano, broker of Got Properties Realty and Andrew Brenner, broker of Prime Realty Properties & Management, Inc. have completed the sale of a three apartment building package located in the Five-Towns area at 1417-1433 Broadway, Hewlett (28 units + 3 retail); 1240 W. Broadway, Hewlett (14 units); and 59 Columbia Ave., Cedarhurst (16 units), totaling 58 residential and 3 retail units, for a package sale price of $7.25 million. The seller was represented by Solano, and the purchaser, a long-time Prime Realty investment customer, was represented by Brenner. The properties sold for slightly above an 8% cap. The buyer plans to do extensive renovations and improvements to the properties. Solano has represented the seller for a significant period of time, and points out that in this case, "Bringing the seller into a receptive position required a good deal of persistence, sensitivity, and tenacity." Multifamily units are one of the top choices of the financial industry for lending in this economic climate, thus allowing a secure closing. In today's stand-off market we are working against the tide, but we should not lose sight of the fact that deals do get done, whether through creativity or simply motivation. Keeping our working relationships on firm footing, networking, and reaching out for new prospects enables us to create a vibrant business strategy.