Moskowitz and Katz of GFI Realty Services secure $3.85 million sale

Brooklyn, NY GFI Realty Services, LLC arranged the sale of 684A & 684B Myrtle Ave. located in the Clinton Hill section of the borough. The properties, two four-story walk up apartment buildings consisting of a total of 12 residential units and a ground floor retail unit, traded for $3.85 million. This transaction, whose purchase price translates to 15 times the rent roll, reflects the continued demand on inventory in this submarket. Isaac Moskowitz, an associate of GFI Realty Services, represented the seller, Joseph Rizzuto. Yosef Katz, managing director of GFI, represented the buyers, local investors. “The seller sought to capitalize on the strength of the Clinton Hill market and liquidate this asset,” said Moskowitz. “The Clinton Hill market continues to grow and the buyer recognized the value of this asset which is situated on a prime block,” said Katz. “Myrtle Ave. is the main corridor in Clinton Hill and everyday a new boutique or restaurant opens up attracting new people to the area.” The property is centrally located in close proximity to the G train on Bedford Avenue and is in walking distance to Pratt Institute.