Katz of GFI represents seller of a six-story elevator apartment building for $5.1 million; James and Yankelovich of GFI reps buyer of 130 Lenox Road

GFI Realty Services Inc. has brokered the sale of 130 Lenox Rd., located in the Flatbush section, for $5.1 million, which translates to 8.5 times the rent roll. The six-story elevator apartment building consists of 59 rent stabilized apartments totaling 51,914 s/f. Yosef Katz of GFI represented the seller, Patrick James, and Erik Yankelovich, also of GFI, represented the buyer, a local investor. "The buyer realized the potential of the below market rents and the added value they could bring through their vast real estate network as well as their exceptional management style," said Katz. "The buyer intends to capitalize on the resurgence of this part of Flatbush by rehabbing the property including apartment renovations," said Yankelovich. This multifamily apartment building was built in 1931 and is located two blocks off Flatbush Ave., a burgeoning retail stretch. This area is in the midst of revitalization as more former Manhattan residents spread into the outlying borough areas. With over 28 years of experience, GFI combines an intimate knowledge of local markets with incomparable 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 Bronx and Brooklyn, is committed to surpassing client's needs and maintaining a thorough understanding of the latest market trends.