New Jersey partners buy Sea Jay Apartments

BUYER: Frank Lapczynski and Jadwiga Debski, Sparta, N.J.

SELLER: Barbara Gigante and Michael Lofinoco as co-trustees of the Charles J. Lofino Trust

PROPERTY: 1256 and 1254 Barbara Road, Venice

PRICE: $1.2 million

PREVIOUS PRICE: $2.5 million, March 2005

LAW FIRM ON DEED: Syprett Meshad Resnick Lieb Dumbaugh Jones Krotec & Westheimer PA, Sarasota

PLANS, DESCRIPTION: Two New Jersey real estate entrepreneurs purchased the 42-unit Sea Jay Apartments for $1.2 million.

The price equated to $28,571 per unit.

The entrepreneurs, Frank Lapczynski and Jadwiga Debski, plan to improve the cosmetics of the complex, which consists of a trio of two-story buildings near Venice Avenue. At least 15 of the 42 units were leased at the time of the sale.

Ken Hoskinson, Jr. and Joe C. Hembree of Hembree & Associates Inc. represented the seller and Jon Sas of Action Realty represented the buyers.

“The former owner evicted many of the tenants and was in the middle of renovating it when he passed away,” Sas says. “It doesn't need a lot of cleaning up, more like simple stuff such as new tile or paint.”

The property is being renamed the Barbara Apartments.

Lapczynski and Debski mortgaged the property to First America Bank for $728,000.