New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
1031 Deal Concludes with Far Rockaway Apartment Buy
A 1031 exchange that began with the sale of two properties elsewhere in Queens last summer has now concluded with the acquisition of a 108-unit apartment building in Far Rockaway. The seller in the $22-million deal was Irving Langer of E&M Associates, and the buyer was Vincent Ragosta.
GFI Realty Services’ Yosef Katz represented both buyer and seller. He had also represented Ragosta when he sold two Jamaica properties this past August as the front half of a 1031 exchange.
“Far Rockaway has emerged as a desirable alternative to nearby neighborhoods in Queens and Brooklyn, with relative affordability, access to the A train, and a recently launched ferry service,” said Katz. “The buyer recognized Far Rockaway’s significant demand, and was very eager to acquire quality apartment product with upside opportunity.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
