Neighbor News
GFI Retained as Exclusive Sales Agent for Park Slope Gem
Brokers Tapped to Market 20-Unit Prime Park Slope Apartment
GFI Realty Services, Inc. today announced that it has been named the exclusive sales agent for 477 3rd Street, a multifamily building located on a beautiful tree-lined block in the Park Slope section of Brooklyn, New York. GFI Realty Senior Director of Investment Sales Erik Yankelovich will oversee the marketing of the property, with pricing targeted at $12 million.
The 20-unit apartment building is located in prime Park Slope, in the heart of one of the city’s most desirable neighborhoods. The fully occupied walkup contains various amenities, including an on-site laundry room. The property received a J-51 tax incentive, which will expire in 2017. At that time, many of the apartments will become market-rate as per in-place lease riders, which will raise the property’s revenues.
“Well-located within Park Slope, this building is ideal for investors seeking a multifamily property with strong existing returns and a lot of upside due to below market average rents,” said Yankelovich. “477 3rd Street is just blocks from Prospect Park, and we’re confident that our long list of contacts will offer numerous strong bids for the property.”
Find out what's happening in Park Slopefor free with the latest updates from Patch.
The five-story apartment building consists primarily one- and two-bedroom units. It is located between 6th and 7th avenues on 3rd Street, and is proximate to several retail and transit options.
“The buyer is capitalizing on the strength of the overall market and the popularity of Park Slope,” said Yankelovich. “He intends to transition his real estate capital to other up-and-coming neighborhoods. As a result, he decided to put this asset on the market.”
Find out what's happening in Park Slopefor free with the latest updates from Patch.
The north Brooklyn neighborhood of Park Slope is one of the most desirable in the borough, and has proven particularly attractive to young professionals in recent years.
“This exclusive assignment is a testament to the confidence that Brooklyn building owners have in our ability to find buyers for their properties,” said GFI President Michael Weiser. “Our team of brokers is actively marketing many properties and development sites across Brooklyn and the rest of New York City, and owners looking to monetize their real estate assets know that we have the personal relationships with investors to provide them with real value.”
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.
