Antebi and Landau of GFI sell 8-unit apartment building for $3.95 million

GFI Realty Services, Inc., one of the leading N.Y.-based commercial real estate services firms, arranged the sale of 205 St. James Place, a four-story walk-up apartment building consisting of 8 units. The property is located in the Clinton Hill section of the borough and traded for $3.95 million or $494,000 per unit, which translates to 17.5 times the rent roll. Shlomo Antebi, senior director, investment sales, represented the seller and Joseph Landau, associate director, investment sales, represented the buyer in this transaction, both of whom are local investors. "A free market building in a prime location such as Clinton Hill is not easy to come by in today's market," said Antebi. "The seller seized the opportunity to take advantage of the high demand for product in this area." "The high multiple is an indication of the increasing demand and limited supply of inventory in prime Brooklyn locations," said Landau. The 9,316 s/f building was constructed in 1930 and is located within walking distance to the Clinton - Washington Aves. and Franklin Ave. subway stations, which service the C, G and S lines. It is also within close distance to Barclays Center, Fort Greene Park, and Pratt Institute.