Orlander of GFI completes $7.05 million sale of 47-unit apartment building; Six-story elevator property totaling 54,854 s/f

GFI Realty Services Inc. arranged the $7.05 million sale of 475 Ocean Ave., a six-story elevator apartment building constructed in 1931 located in the Flatbush section of the borough. The transaction translates to twelve times the rent roll and $150,000 per unit. The property consists of 47 apartments totaling 54,854 s/f. Josh Orlander, a salesperson of GFI Realty Services, Inc. represented the seller and the buyer, both of whom are local investors. "The seller could not refuse the aggressive offer of $150,000 per door and over twelve times the rent roll that we brought him," said Orlander. "The buyers are long term investors and are looking to upgrade the units in an effort to attract young professionals to the building." This multifamily apartment building is located in close proximity to Prospect Park as well as the B and Q subway lines.