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
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,