News: Brokerage

Helfand and Yankelovich of GFI complete $2.295 million sale in a 1031 exchange

GFI Realty Services has completed the sale of 1202 66th St. in Bensonhurst for $2.295 million in a 1031 exchange. The four-story, walk up property has 19 units and 11 parking spaces, totaling 15,000 s/f. All units are rent stabilized and the property sold for 10 times the rent roll, $110,000 per unit. Rick Helfand senior broker at GFI represented the seller and Erik Yankelovich, also a senior broker at GFI, represented the buyer. "This building was owned by the same partnership for over 38 years," said Helfand. "The partners decided to retire and take advantage of a strong offer, it was a perfect fit." "The building is in excellent condition and in a nice section of Bensonhurst," said Erik Yankelovich. "My client immediately recognized the potential upside due to the low rents. We were able to close the deal seamlessly in just 90 days." The property is located within walking distance to a major shopping thoroughfare on 13th Ave. and has access to many local shops and restaurants in Bay Ridge/Dyker Heights. It is also in close proximity to the Bensonhurst Park, Caesar's Bay, the D & M Subway lines and several major bus lines.
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REALM, DelShah Capital and A.M. Properties acquire 377,000 s/f CitySpire office condominium

Manhattan, NY REALM, in partnership with DelShah Capital and A.M. Properties, acquired  CitySpire, a 377,000 s/f office condominium comprising 24 floors within the 70-story tower at 156 W 56th St. in Midtown. Adjacent to Central Park with transit access and amenities, CitySpire is a Class A office asset located in one of the city’s most sought-after office corridors.
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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.
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,

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
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