Paneth of GFI Realty handles two-building $7.5 million sale: Total 85,000 s/f with 74 units

GFI Realty Services recently sold 1532 Ocean Ave. and 1609 Ocean Ave. for $7.5 million, 9.25 times the gross rent. Shulem Paneth, senior broker at GFI represented the buyer in the transaction. The two residential buildings consist of 74 units in total and are each four-story walkups. Both buildings are rent stabilized and are approximately 85,000 s/f combined. The buildings are an estimated 10 minute walk to the Ave. J shopping thoroughfare and are in close vicinity to public transportation including the B11 bus, and local Q trains. The firm has also sold 180 Erasmus St. and 1495 Nostrand Ave. for $3.395 million. This package includes two, four-story walk-up apartment buildings consisting of 45 residential units and two stores, totaling 36,000 gross s/f of property. Erik Yankelovich, senior broker at GFI Realty Services, Inc. represented the buyer in this transaction. "My client saw tremendous value-added opportunity in this package due to the fact that the buildings had not been managed or maintained to their fullest potential," said Erik Yankelovich. "The properties presented tremendous upside due to below market rents. We were able to consummate this deal to close in only 12 business days." All units in these buildings are currently rent stabilized. The new owner plans to renovate the vacant units with modern finishes and appliances and rent out the apartments at market rates. Both properties are located in the Flatbush section of Brooklyn, one block from the 2 and 5 subway lines and are in walking distance to major retail.