Shragaei, Paneth and Babo of GFI sell Crown Heights walk-up for $2.8 million

GFI Realty Services, Inc. (www.gficap.com) arranged the sale of 1365-69 St. Johns Place, two, four-story walk-up apartment buildings consisting of 16 units located in the Crown Heights section of the borough. The deal sold for 13 times the rent roll or $2.8 million. Daniel Shragaei, associate director at GFI represented the buyer in this transaction. Shulem Paneth and Ohad Babo, also of GFI, represented the seller. Both the buyer and seller were local investors. "We approached the seller three years ago about selling the property," said Paneth. "At the time he was not interested in selling. We stayed in contact with him and kept him informed of where the market was. Pricing finally hit a point where he was ready to transact." "The buyer, like many others who are buying throughout Brooklyn, hopes to unlock the upside in these properties over time," said Shragaei. The two properties total 13,760 s/f and were constructed in 1929 and are close to the 3, 4 and 5 subway lines, the Brooklyn Children's Museum and several playgrounds.