Landau and Koshkerman of GFI sell 119-123 Kent Avenue for $15.85 million; reps buyer, CW Realty/Joyland Group and seller, Fernicola

Brooklyn, NY GFI Realty Services, LLC arranged the $15.85 million sale of 119-123 Kent Ave., a mixed-use multifamily and retail property located in the borough’s Williamsburg neighborhood. Joseph Landau and Max Koshkerman of GFI Realty represented the buyer, a group led by Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group. Koshkerman partnered with James Tenaglia of M and J Realty Group in representing the seller, Anthony Fernicola. The property consists of 18 residential units, one retail shop and 5,700 s/f of air space. Sixteen residential units and the retail facility are vacant. “The seller did an excellent job of creating value in these buildings, and chose an opportune time to divest of these properties,” said Koshkerman. “Williamsburg has become one of the most sought-after residential neighborhoods in all of New York City, and this property is located just a block away from the waterfront on one of the most attractive corners in the neighborhood. As the seller approaches retirement age, we were successful in securing a buyer that intends to capitalize on the neighborhood’s strength and the prime location of these assets.” The property’s new ownership intends to complete interior and exterior renovations, and will commence lease-up of both the multifamily and retail components, while using the air rights to extend the size of the retail facility. “With the revitalization of North Williamsburg and the area’s strong real estate fundamentals, the buyer was eager to acquire a vacant property in such a vibrant location,” said Landau. “There is significant room to add value to both the multifamily and retail components of this property. In addition to tapping into Williamsburg’s intense residential demand, ownership is already in talks with a major retailer interested in leasing the entire retail space, which would provide a major revenue stream.” Coming on the heels of the ownership group’s recent acquisition of 310 Graham Avenue, a development site in East Williamsburg, this acquisition reflects the group’s confidence in the area. The two-story building that stood in that location will give way to a seven-story, mixed-use apartment building with 23 rental units. The acquisition of 310 Graham was also arranged by Koshkerman, Landau and Tengalia. GFI Realty is extremely active in arranging investment sales of properties across the city. Recent transactions include the $98-million trade of a multifamily portfolio in Upper Manhattan, and the $15-million acquisition of 415 Washington Avenue, an apartment building in Brooklyn’s Clinton Hill section.