Landau and Orlander of GFI Realty Services secure $9.05 million sale

GFI Realty Services Inc. completed the $9.05 million sale of 220 East 18th St., an elevator building constructed in 1926 located in the Prospect Park South section of the city. The transaction translates to nine times the rent roll and $90,500 per unit. 220 East 18th St. consists of 100 apartments totaling 63,000 s/f. Joseph Landau, an associate broker of GFI represented the seller, a local investor. Josh Orlander, an associate of GFI, represented the buyer, also a local investor. "This was a great opportunity to purchase a large 100-unit elevator building in Ditmas Park," said Orlander. "Buildings of this size rarely trade in the market place." "The former owners appreciated the value of this property however they sold because they are seeking to diversify their portfolio with the purchase of luxury rentals," said Landau. "GFI worked diligently to find the right buyer for this deal. " This multi-family apartment building is located in close proximity to Prospect Park and the Q subway line.