Edelkopf and Ustoyev of EPIC Commercial complete $3.5 million sale
Brooklyn, NY According to EPIC Commercial Realty, they have completed the sale of 673 Halsey St., an apartment building in the Bedford-Stuyvesant neighborhood.
EPIC Commercial Realty sold the three-story walk-up for $3.5 million.
Investment sales associate, Yuriy Ustoyev, represented the seller while EPIC CEO, Yona Edelkopf, represented the buyer.
Located on Halsey St., between Ralph Ave. and Patchen Ave., the property is a three-story walk-up residential building comprised of eight units. It has been fully renovated and is delivered vacant, with J-51 tax abatement zeroing out the taxes. Consisting of all one-bedroom and two-bedroom units, the property is built 4,700 s/f of gross building area. The subject building is ideally situated three blocks from the Halsey St. [J, Z] train station.
According to EPIC Commercial Realty investment sales associate, Yuriy Ustoyev, and CEO, Yona Edelkopf, “With the outskirts of Bedford-Stuyvesant becoming increasingly attractive to investors, the property provides immediate capital returns given the building is fully renovated. The buyer was able to realize even greater profitability with the J-51 in place.”
Bedford-Stuyvesant is located in central Brooklyn and nudges up against Williamsburg. This historic neighborhood, known for its pristine brownstones, has recently undergone the final stages of gentrification and real estate development, allowing for more commercial and residential growth. The neighborhood is well connected with the [A,C,G,J,M,Z] train lines all nearby. Many real estate experts expect Bedford-Stuyvesant to increase in value dramatically in the next few years.