Paneth, Matyas and Yankelovich of GFI Realty arrange $19.5 million sale of 45,000 s/f building–44 units

Shulem Paneth, GFI Realty Services

601 Ocean Parkway - Brooklyn, NY

Erik Yankelovich, GFI Realty Service

Brooklyn, NY GFI Realty Services, LLC arranged the $19.5-million sale of 601 Ocean Pwy., a recently-constructed, 44-unit apartment building in the Ditmas Park neighborhood. GFI’s Shulem Paneth and Eli Matyas represented the seller, Duo Ocean Parkway, LLC, while GFI’s Erik Yankelovich represented the buyer, Meridian Properties.

 The 45,000 s/f elevator building consists of 44 units—primarily one- and two-bedroom apartments — and 14 indoor parking spaces. All of the apartments are occupied.

 In addition to its in-apartment conveniences, such as stainless steel appliances, hardwood floors, balconies and terraces, the property has several desirable facilities that are available to all residents. These amenities include a lounge with a film-screening area, pool table, kitchenette and bar; gym with professional workout equipment and televisions; common outdoor terrace; and laundry facility.

 “With a range of amenities and an Ocean Parkway address, this asset is one of the most attractive multifamily properties in Ditmas Park,” said Yankelovich. “The tail-end of a 1031 exchange, this deal enabled Meridian Properties to leverage the equity from a pre-war walk-up to acquire this well-appointed, 44-unit elevator building with a very attractive yield.”

The property provides an easy commute to Manhattan via the B, F and Q subway lines. The building is also located within walking distance of several area restaurants and retail shops.

“The Ditmas Park area is on the rise and presents investors with the opportunity to acquire property with significant value-add potential at relatively low prices,” said Matyas. “With the neighborhood’s growing popularity and the pristine condition of the building, we quickly identified the right buyer for this off-market transaction, and ultimately closed an excellent deal for the seller.”

Paneth said, “GFI has a long-term relationship with the seller and also arranged the acquisition of this property in 2006 when it was a development site. After successfully creating a premier property with significant cash flow, the seller chose to divest of this asset in today’s strong real estate market to explore the possibility of moving the capital to future developments. 

A leading New York City multifamily brokerage, GFI Realty has been extremely active in recent months arranging sales of properties and development sites across the city. The firm has closed numerous deals on the Ocean Parkway corridor, including the sale of 175 Ocean Parkway, a 39-unit multifamily property; 241-245 Ocean Parkway, two contiguous apartment buildings, comprising 32 total units; and 632 Ocean Parkway, a 31-unit multifamily building.

GFI Realty President Michael Weiser said, “For the fourth time in less than a year, we have successfully closed a multifamily deal along Ocean Parkway, which is a testament to our deep knowledge of the local market and the strength of our relationships with both property owners and investors.”

GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFIRealty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.

The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions