Landau of GFI Realty brokers $2.3 million trade of vacant East Williamsburg apartment building

GFI Realty Services, Inc. one of the leading, New York-based commercial real estate services firms, arranged the sale of 629 Grand St., a vacant four-story walk up apartment building located in the East Williamsburg section of the borough for $2.3 million. The multifamily property features three rental units, a ground floor retail space, and 3,890 s/f of available air rights. Joseph Landau, associate director, investment sales, represented both the buyer and the seller in this transaction, both of whom are local investors. "There is a strong market for condos and commercial space in this area," said Landau. "The buyer intends to convert the apartments into condominiums and the retail into a commercial condo unit to leverage the demand in this marketplace." The building was constructed in 1920 and is within close distance to the Lorimer St. Metropolitan Ave., and Grand Ave. subway stations, which service the G and L lines.