Yankelovich of GFI Realty Services sells 89-unit elevator building for $25.7 million

GFI Realty Services, Inc. arranged the record-breaking $25.7 million sale of 115 Ocean Ave., an 89-unit multifamily building in the Prospect Lefferts Gardens section of the borough. The rent-stabilized elevator building sold for an area record 21.5 times the rent roll, and set records with its per-unit price of $290,000 and price-per-square-foot of $295. GFI senior director Erik Yankelovich represented the seller, a local investor who purchased the building for less than $10 million in 2010 and the buyer, a local family that has several assets in the area. "The difference between the 2010 purchase price and today's sales price is a testament to the business acumen of the seller and the marketing capabilities of GFI Realty," said Yankelovich. "With the Brooklyn real estate market burgeoning, we are repeatedly seeing record and near-record transactions, especially when looking at properties in desirable neighborhoods. With its rent-stabilized apartments, 115 Ocean Ave. is expected to generate increased revenue in the future, and is clearly an enviable asset." Earlier this year, Yankelovich arranged for the purchase of a neighboring four-story walk-up, 147 Ocean Ave. At the time, that transaction set Prospect Lefferts Gardens records for gross rent multiplier, price per unit and price per s/f. "As market fundamentals remain strong, we continue to see strong investor interest in a growing number of Brooklyn neighborhoods," Yankelovich said. "With the strength of the market as a whole paired with GFI's highly specific neighborhood knowledge and insight, we look forward to continuing to meet our clients' needs."