Shragaei of GFI reps seller in $1.83 million sale

GFI Realty Services Inc. has completed the sale of 462, 471 & 473 Central Ave., located in the Bushwick section, for $1.83 million, which translates to eight times the rent roll. The three-story walk-up apartment buildings consist of 18 units totaling 13,875 s/f. The apartments in the buildings are all railroad apartments which average 750 s/f and are 25 ft. wide. Daniel Shragaei, an associate of GFI, represented the seller, Andrew Reaccuglia. Joseph Landau, an associate broker also of GFI, represented the buyers, local investors. "The seller was able to make a healthy return on his investment," said Shragaei. "He held onto the property for a long time and sold it at an optimum point in the market." "The new owners intend to upgrade the property and potentially convert some two bedroom units into three bedrooms which could increase the rents," Joseph Landau. The multifamily buildings were built in the early 1900's and are located near several community playgrounds as well as the J and Z subway trains.