Yankelovich of GFI completes sale of 241-245 Ocean Parkway for $10.33 million

GFI Realty Services, Inc. completed the $10.33 million sale of 241-245 Ocean Parkway, two contiguous multifamily buildings in the Kensington section of the borough. With a price of $323,000 per residential unit, the transaction set a record for the neighborhood. GFI Realty senior director of investment sales Erik Yankelovich represented both the buyer and the seller. The buildings consist of a combined 32 two- and three-bedroom residential units and 24,000 s/f of air rights. The majority of the residential units are vacant. The buyer intends to invest in the pre-war building, and will commence renovations in the near term. "They buyer seized the opportunity to acquire a nearly vacant 32-unit package in an increasingly popular Brooklyn neighborhood," said Yankelovich. "Under new ownership, the property will remain residential rental, as the buyer capitalizes on its ideal location and the strong apartment demand across the area." Situated within walking distance of Prospect Park, the property is highly accessible to the Church Ave. and Coney Island Ave. retail corridors, giving residents convenient access to restaurants and other amenities. It is also proximate to several bus and subway lines. "The seller created value by vacating many units over the last few years," said Yankelovich. "Located just several blocks away from the 33 Caton property that sold for $76 million, this transaction is another indication of the willingness of institutional investors to penetrate well into Brooklyn to acquire quality properties." This deal comes on the heels of several record-setting deals arranged by Yankelovich in neighboring areas. Notably, he brokered the sale of 632 Ocean Parkway, a Kensington multifamily building which set a neighborhood record in terms of price per square foot. He also arranged for the sale of 115 Ocean Ave. in Prospect Lefferts Gardens, which set neighborhood records in terms of price per unit, price per s/f and rent roll multiple, and 910 81st St., a mixed-use multifamily building in Dyker Heights, which traded for an area per-unit record. A leader in New York City real estate, GFI Realty is extremely active in arranging investment sales for properties across the city. Recent deals include the sale of 41-43 Greene St., a retail co-op in Manhattan's SoHo neighborhood, and 469 West 153rd St., a walk-up apartment building in the Hamilton Heights section of Manhattan.