Paneth and Katz of GFI sell two Crown Heights apartment for $3.65 million

GFI Realty Services Inc. has brokered the sale of 1409-1415 St. Johns Place, two contiguous early 1900s walk-up apartment buildings located in the Crown Heights section. The properties sold for $3.65 million. The four-story apartment buildings consist of 40 apartments totaling 36,000 s/f. Shulem Paneth, a senior broker at GFI, represented the sellers, two local Investors. Yosef Katz, a director at GFI, represented the buyer, also a local investor. "The sellers were initially looking to refinance but they were also open to an offer to sell. After exclusively marketing the property we submitted an offer that they could not refuse," said Paneth. "The buyer was looking for an area that was ripe for gentrification and decided to buy the property after realizing how much change is happening in the Crown Heights area," said Katz. "The buyer intends to upgrade the properties to capitalize on market rate rents." This multifamily apartment buildings are located close to the 3, 4 and 5 subway lines as well as several small parks including Lincoln Terrace Park. About GFI Realty Services With over 28 years of experience, GFI Realty Services, Inc. combines an intimate knowledge of local markets within comparable client service, to maximize the value of every commercial real estate transaction they are engaged in. GFI, one of the top brokers of commercial real estate in the City, and is committed to surpassing client's needs and maintaining a thorough understanding of the latest market trends.