Antebi and Orlander of GFI Realty Services collaborate for $14.375 million sale

GFI Realty Services Inc. has completed the sale of 36-20 Bowne St., a 1940's elevator apartment building in the Flushing section of the borough, for $14.375 million, translating to 10.5 times the rent roll and $165,000 per unit. The six story apartment building consists of 87 units and totals 78,000 s/f. Shlomo Antebi of GFI Realty represented the seller, 36-20 Bowne LLC. Josh Orlander, also of GFI Realty represented the buyer, Frey Management. "GFI was very excited for the opportunity to list this 1940's elevator apartment building for the owner," said Antebi. "This listing drew a tremendous amount of interest and offers from prospective buyers and investors. Our seller was looking to re-deploy his capital and the buyer was looking to upgrade and stabilize his multi-family portfolio. The two were a perfect fit. GFI was able to successfully broker this transaction quickly and seamlessly for both the buyer and seller." "This was a unique opportunity to purchase 87 units in one elevator building in prime Flushing," said Orlander. "Buildings of this size rarely trade hands." This multifamily apartment building is located in close proximity to the Queens Botanical Garden, the Flushing Meadows Golf Center, and Kissena Corridor Park and near the seven subway train.