Katz and Orlander of GFI Realty Services arrange $6.06 million sale; 62 apartments and one store in Flatbush totaling 47,680 s/f

GFI Realty Services Inc., has arranged the sale of 1084 New York Ave. a listing in the Flatbush section of the city for $6.06 million or $98,000 per unit. The four-story walk-up apartment building consists of 62 apartments and one store totaling 47,680 s/f. Yosef Katz, a director of GFI Realty Services Inc., represented the seller, a local investor. Josh Orlander, a senior broker also of GFI Realty Services, represented the buyer in this transaction, Castellan Real Estate Partners. "The buyer seized the opportunity to purchase a large number of units in a single property " said Katz. "The rents are 30% below market," said Orlander. "Allowing the buyer to achieve rent increases through unit upgrades." This multi-family apartment building was built in the 1926 and is located in close proximity the 2 & 5 subway lines and Prospect Park.