Brooklyn, NY GFI Realty Services negotiated the $4.7 million sale of 411 State St., a multifamily building located in the Boerum Hill section of the city. Zachary Fuchs, associate director of GFI Realty, represented the seller, Eric Orlofsky, and the buyer, a local investor.
Constructed in 1905, the four-story building totals 7,020 s/f and is composed of eight apartments. The apartments are configured as five two-bedroom units and two three-bedroom units. The asset was recently gut renovated and the units have been completed with modern finishes, hardwood flooring throughout, and stainless-steel appliances.
“The buyer immediately recognized the value of this cash-producing asset located in a prime area in Brooklyn surrounded by countless neighborhood amenities, local eateries, cafes, and shops. The new owners intend to keep the asset for the long term,” said Fuchs.
Boerum Hill, known for its brick and brownstone homes, benefits from its proximity to numerous attractions including Barclays Center, City Point Mall, Brooklyn Bridge Park, and the Brooklyn Heights Promenade.
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