Brooklyn, NY GFI Realty Services, LLC brokered the $3.3 million sale of 1322 Cortelyou Rd., an 8,253 s/f mixed-use property in the Ditmas Park section. The four-story building is comprised of six apartments and two ground-floor retail spaces. GFI senior director Erik Yankelovich represented the seller in the transaction, and Ohad Babo of GFI represented the buyer. Both the buyer and seller are local investors.
The building’s residential component includes six three-bedroom apartments, all of which are rent stabilized. The ground-floor retail, which comprises a total of 2,000 s/f and is fully occupied, benefits from the building’s location at the intersection of Cortelyou Rd. and Rugby Rd.
“The seller spent a considerable amount of time and resources upgrading the retail and unlocking its value,” said Yankelovich. “With these renovations in place and the property’s strong corner location, the seller recently signed a major medical tenant to a long-term lease.”
Babo said “The buyer recognized the tremendous value of this asset, particularly its location on a prime corner in increasingly popular Ditmas Park. The buyer will also be able to capitalize on the strong long-term retail lease and the untapped upside in the residential rents.”
Prospective residents are drawn to the Ditmas Park neighborhood, which features detached homes and shops and restaurants. Ditmas Park has two main commercial corridors, Cortelyou Rd. and Church Ave., which offer a mix of national and local retailers. The area is serviced by the B and Q subway lines, allowing for a commute to Manhattan.