News: Brokerage

Sadaghati and Yankelovich of GFI Realty Services secure $15.35 million sale

GFI Realty Services, Inc., one of the leading, New York-based commercial real estate services firms, arranged the sale of 410 Eastern Pkwy., a six-story two elevator apartment building located in the Crown Heights section of the borough for $15.35 million or $210,000 a unit, which translates to 16.1 times the rent roll. The 58,200 s/f multifamily property features 73 rental units and two antennas and is situated blocks from the Brooklyn Museum. Erik Yankelovich, senior director, investment sales of GFI represented the seller and Shawn Sadaghati, director, investment sales also of GFI represented the buyer, both of whom are local investors. "The purchase price translates to $210,000 per unit or $265 per s/f, which is record breaking for a rent stabilized building in this part of Brooklyn," said Yankelovich. "The buyer saw the value in this asset and plans to upgrade the property with numerous capital improvements and keep the building as a rental," said Sadaghati. The 58,200 s/f building was constructed in 1928 and is within close proximity to the Franklin Avenue, Botanic Garden, and Nostrand Avenue subway stations, which service the 2, 3, 4, 5, and S lines.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking