Abudi and Antebi of GFI secure $3.5 million sale of mix-use building; 14 apartments and two commercial units totaling 10,596 s/f

GFI Realty Services Inc., arranged the sale of 1657 8th Ave., a listing in the Park Slope section of the city, for $3.5 million which translates to 13 times the rent roll. The four-story mixed-use building consists of 14 apartments and two ground floor commercial units totaling 10,596 s/f. Roni Abudi, a managing director of GFI, represented the seller, a local investor. Shlomo Antebi, a director at GFI, represented the buyer, a local investor. "This is a rare corner building located in an amazing location," said Abudi. "The stores are paying way below market rent and there is huge upside in the residential rental income." "The buyers are very excited to have the opportunity to buy a piece of property of this caliber. One of the ground floor commercial units is leased to Giovanni's, a very popular local restaurant. It is also just a few blocks from Prospect Park," said Antebi. "The building has been very well maintained and was delivered with just one vacant two bedroom apartment. The new owners are intent on keeping the building as a long term investment property within their existing Park Slope portfolio." This multi-family apartment building was built in 1921 and is located blocks away from Prospect Park as well as the F & G subway lines.