News: Brokerage

GFI Realty Services arranges two sales totaling $9.225 million

Michael Weiser

 

Zachary Fuchs

 

New York, NY GFI Realty Services completed the following transactions:

864 East 149th Street - Bronx, NY

The $6.4 million sale of 864 East 149th St., a walk-up building comprised of 46 units located in the Mott Haven section of the Bronx. GFI director Zachary Fuchs represented the seller, NY Metro Holdings and the buyer, a local investor. Constructed in 1928, the six-story building totals 37,906 s/f, and is composed of 27 one-bedroom apartments, 18 two-bedroom apartments and one three-bedroom apartment. The asset is situated in the Mott Haven area of the south Bronx and is in proximity to the Hub, the Bruckner Expressway and the 2-5-6 subway lines.

“The buyer immediately recognized the value of this cash producing asset and intends to hold onto the property for the long term and invest in capital improvements,” said Fuchs.

560 Vanderbilt Avenue - Brooklyn, NY

The $2.825 million sale of 560 Vanderbilt Ave., a walk-up building comprised of six residential units and a ground floor retail space located in the Prospect Heights section of Brooklyn. GFI Realty president Michael Weiser represented the buyer, Leon Goldenberg, and Fuchs represented the seller, Glen Yurgel. Constructed in 1930, the four-story building totals 8,008 s/f, and is composed of six one-bedroom apartments. The property is surrounded by numerous eateries and retailers and is in proximity to Grand Army Plaza, the Brooklyn Museum, Barclays Center and the 2-3-4-A-C subway lines.

“Current market conditions are allowing buyers with capital to pick up quality assets at a significant discount. The buyer recognized the current and long term value of a mixed use asset on a prime section of Vanderbilt Avenue and was able to pick up a prime piece of real estate well below previous pricing,” said Weiser.

“Vanderbilt Ave. continues to be a vibrant commercial corridor where all of the local restaurants and shops feed off of one another,” said Fuchs. “The seller realized that value of the asset and decided to capitalize on the demand for a property on this strip.”

 

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced