Berg, Moskowitz and Katz of GFI Realty Services broker $6.6 million sale
Brooklyn, NY According to GFI Realty Services, LLC, the firm has completed the $6.6-million sale of 218-220 Park Pl., a pair of five-story, walk-up apartment buildings in the Prospect Heights neighborhood. GFI Realty’s Sasha Berg represented the buyer, CSG Equities, while GFI Realty’s Isaac Moskowitz and Yosef Katz represented the seller.
Totaling 7,300 s/f, the buildings are located in the Prospect Heights Historic District, near Prospect Park. The buyer plans to complete interior renovations, converting the residences to luxury condominiums.
“Due to the strength of the neighborhood and the untapped potential of these buildings, we received extremely competitive offers,” Katz said. “At an impressive $733 per buildable square foot, this transaction speaks to the continued demand for value-add residential product south of Atlantic Avenue. “
Moskowitz said, “The popularity of Prospect Heights continues to surge, and a vacant property of this size presents a unique opportunity. When the buyer completes the redevelopment campaign and brings condos to market, many investors will feel regret over the missed opportunity to acquire this gem.”
Park Place is within blocks of the B and Q trains as well as numerous restaurants and retail shops.
“With an ideal location on a quaint block in one of the city’s most desirable and historic neighborhoods, these buildings presented a truly unique opportunity,” Berg said. “The area includes some of the city’s most distinguished architecture, and the buyer will be maintaining the landmarked façade – a piece of local history - while completing the interior makeover. When completed, the property is sure to be met with a great deal of demand.”
GFI Realty also recently closed on the $2.25 million sale of 352 McGuinness Blvd., a three-story, walk-up apartment building in the Greenpoint neighborhood.
Constructed in 1931, the six-unit apartment building totals 4,125 s/f. With the exception of one rent-stabilized unit, all of the apartments are vacant.
Shawn Sadaghati, an associate of GFI Realty Services, represented the buyer in the transaction. Berg and Yisroel Pershin, also of GFI Realty, represented the seller. Both the buyer and seller are private local investors.
“The buyer realized the unique value of this asset,” Sadaghati said. “It is a rarity to find a mostly vacant property in a highly desirable area like Greenpoint. The new owners intend to do extensive renovations to the property and convert the vacant units into luxury rentals.”
Berg said, “This property is located in a prime area, just blocks from the waterfront. The seller realized that this was a prime opportunity to capitalize on the revitalization of the area.”
Pershin said, “Greenpoint is growing as an increasing number of young professionals flock to the area and see it as a real alternative to neighboring Williamsburg. It wasn’t hard to make the case that this asset would yield great future returns.”
Located close to Long Island City, 352 McGuinness Blvd. is a short walk to the G subway line, and is just a block away from Manhattan Ave., a major commercial corridor in the area.