Yankelovich of GFI sells multifamily for $5.825 million

GFI Realty Services, Inc. has completed the $5.825 million sale of 8220 Fort Hamilton Pwy., a four-story walk-up apartment building in Bay Ridge. The multifamily property features 37 rental units and an antenna. Erik Yankelovich, senior director, investment sales of GFI, represented the buyer and seller, both of whom are local investors. The seller is looking to transition the profits into a 1031 exchange with more of a value added opportunity. "This large corner building has great light and air and will be a great addition to the buyer's current portfolio of multifamily buildings in the area," said Yankelovich. "The buyer plans to upgrade the common areas and overall condition of the building." The 35,376 s/f building was constructed in 1921 and is within close proximity to 86th St., a major retail thoroughfare in the area, several restaurants and bars on 3rd Avenue, the 86th St. subway station which services the R line, several N.Y.C. bus lines, as well as the Gowanus Expressway and the Belt Pwy.