GFI Realty Services secures $2.605 million sale totaling 26,126 s/f; Landau and Orlander complete the sale

GFI Realty Services Inc. brokered the sale of 3506 Newkirk Ave. in the East Flatbush section for $2.605 million, which translates to nine times the rent roll and $90,000 per unit. The four-story walk-up apartment building consists of 29 units totaling 26,126 s/f. Joseph Landau, an associate broker at GFI represented the seller, a local investor. Joshua Orlander, an associate at GFI represented the buyer, also a local investor. "The seller was thrilled to be able to take advantage of the current demand in the market and get nine times the current rent for his property," said Landau. "Currently, rents in the building are 30% below market value," said Orlander. "The buyer intends to upgrade the building and bring the rents up to market over time." This multifamily apartment building was built in 1931 and is located in close proximity to Flatbush and Nostrand Avenues, major thoroughfares in the Flatbush section of Brooklyn as well as the 2 and 5 subway lines.