Brooklyn, NY GFI Realty Services, LLC has brokered the $7.225 million sale of 8678 Bay Pwy., a four-story walk-up, 30-unit multifamily property in the Bath Beach section. GFI senior director Shlomo Antebi represented the buyer, the Ragosta Family. Erik Yankelovich, senior director of GFI represented the seller, Meridian Properties. Constructed in 1915, the 30,960 s/f property features a mix of a one-bedroom to four-bedroom units.
“The buyers were attracted to this cash-flowing multifamily asset with its large units” said Antebi. “The property is also easily accessible to Manhattan and benefits from being situated a block away from the 86th St. commercial corridor.
“This asset is ideally suited for a long-term investment” said Yankelovich. “The property traded for a healthy $240,000 per door and 13 times the rent roll, showing that Bath Beach is an area that is in play for investors.”