Neighbor News
GFI Realty Arranges Record-Breaking Sale of 241-245 Ocean Parkway
Two Contiguous Apartment Buildings Trade for $10.33 million, setting area record of $323,000 per unit
NEW YORK (May 11, 2015) — GFI Realty Services, Inc. today announced the $10.33-million sale of 241-245 Ocean Parkway, two contiguous multifamily buildings in the Kensington section of Brooklyn, New York. With a price of $323,000 per residential unit, the transaction set a record for the neighborhood.
GFI Realty Senior Director of Investment Sales Erik Yankelovich represented both the buyer and the seller. The buildings consist of a combined 32 two- and three-bedroom residential units and 24,000 square feet of air rights. The majority of the residential units are vacant.
The buyer intends to invest in the pre-war building, and will commence renovations in the near term.
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“They buyer seized the opportunity to acquire a nearly vacant 32-unit package in an increasingly popular Brooklyn neighborhood,” said Yankelovich. “Under new ownership, the property will remain residential rental, as the buyer capitalizes on its ideal location and the strong apartment demand across the area.”
Situated within walking distance of Prospect Park, the property is highly accessible to the Church Avenue and Coney Island Avenue retail corridors, giving residents convenient access to restaurants and other amenities. It is also proximate to several bus and subway lines.
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“The seller created value by vacating many units over the last few years,” said Yankelovich. “Located just several blocks away from the 33 Caton property that sold for $76 million, this transaction is another indication of the willingness of institutional investors to penetrate well into Brooklyn to acquire quality properties.”
This deal comes on the heels of several record-setting deals arranged by Yankelovich in neighboring areas. Notably, he brokered the sale of 632 Ocean Parkway, a Kensington multifamily building which set a neighborhood record in terms of price per square foot. He also arranged for the sale of 115 Ocean Avenue in Prospect Lefferts Gardens, which set neighborhood records in terms of price per unit, price per square foot and rent roll multiple, and 910 81st Street, a mixed-use multifamily building in Dyker Heights, which traded for an area per-unit record.
A leader in New York City real estate, GFI Realty is extremely active in arranging investment sales for properties across the city. Recent deals include the sale of 41-43 Greene Street, a retail co-op in Manhattan’s SoHo neighborhood, and 469 West 153rd Street, a walk-up apartment building in the Hamilton Heights section of Manhattan.
About GFI Realty Services, Inc.
An affiliate of GFI Capital Resources Group, Inc., GFI Realty Services, Inc. imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, Inc. utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions. For more information, visit GFIRealty.com.
About GFI Capital Resources Group, Inc.
Founded in 1983 and headquartered in New York City, GFI Capital Resources Group, Inc. is a leading, diversified provider of comprehensive real estate and insurance services to clients throughout the U.S. Through an integrated platform of affiliates specializing in mortgage banking, commercial real estate sales and finance, property management, insurance and development, along with its hotel affiliate, GB Lodging, GFI is powered by strong relationships with major financial institutions, investors, and buyers and sellers of real estate.
GFI has built its reputation on a steadfast commitment to maintaining the highest level of professionalism in every aspect of its business. The company’s service-oriented culture, extensive network and deep knowledge of local markets strongly position GFI to deliver unparalleled value and results. For more information, visit gficap.com.
