Yankelovich and Gelbstein of GFI Realty Services secure $12 million sale of 477 3rd Street

  Booklyn, NY GFI Realty Services, LLC arranged the $12 million sale of 477 3rd Street, a five-story multifamily building located on a bucolic tree-lined block in the Park Slope section of Brooklyn, New York. GFI Realty senior director of investment sales Erik Yankelovich represented the seller, while GFI Realty associate director of investment sales Moshe Gelbstein represented the buyer. “As we expected, there was very strong interest, and we received multiple offers for this well-located property,” said Yankelovich. “With a location just blocks from Prospect Park, the buyer can expect a significant return on this investment for many years to come.” The 20-unit apartment building is in the heart of one of the New York City’s most desirable neighborhoods. The fully-occupied walkup features various amenities, including an on-site laundry room. The property currently benefits from a J-51 tax incentive, which will expire in 2017. At that time, many of the apartments can become market-rate, raising the property’s revenues. Just blocks from numerous boutiques and restaurants, the five-story apartment building consists primarily of one- and two-bedroom units. It is located between 6th and 7th avenues on 3rd Street, and is proximate to several retail and transit options including the F, N and G subway lines In recent years, property values have steadily increased in Park Slope, as the area has become a hotspot for young professionals and families alike. In 2010, it was ranked by New York Magazine as the Number 1 “Most Livable Neighborhood in New York,” due to the quality of its public schools, dining, nightlife and shopping, among other aspects. “The sale of this property is truly a testament to the strength of the market, especially in sought-after neighborhoods like this,” said Yankelovich. “Just three years ago, the property sold for less $7.8 million. As Park Slope has become one of the most desirable neighborhoods in Brooklyn, there’s tremendous opportunity to continue to grow the property’s revenue.” The buyer, a multi-generational local investor, plans to implement improvements and will maintain the building as a long-term rental.