GFI Realty Services, Inc. Sets New Record of $240k per Unit and 19x the Rent Roll in Prospect Lefferts Garden

NEW YORK (September 18, 2014) — GFI Realty Services, Inc., a leading New York-based commercial real estate services firm, today announced that it has arranged the sale of 147 Ocean Avenue, a four-story, 17,320-square-foot multifamily building located in the Prospect Lefferts Garden section of Brooklyn.

GFI Realty Senior Director of Investment Sales, Erik Yankelovich, represented the buyer, and GFI Realty’s Michael Gindi represented the seller, a private investor. Purchase price of the property was $5 million.

“Just steps from Prospect Park, the buyer recognized the upside in the below market rents. Due to its proximity to Manhattan, just steps from Prospect Park and one train stop from Park Slope, Prospect Lefferts is emerging as the place to live even though rents are on the rise.“ said Yankelovich. “Strong demand together with our in-depth knowledge of the Brooklyn residential market enabled us to achieve a pricing of $240,000 per unit and almost 20 times the annual rent, both a new high for this area.”

Plans call for capital improvements to renovate the entire building and upgrade the units with premium quality finishes.

“GFI Realty has a track record of success in identifying opportunities in the up and coming neighborhoods of Brooklyn and the outer boroughs, and as the demand for housing increases, we are well positioned to help owners and investors capitalize on opportunities in these areas,” said Gindi.

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.