Yankelovich of GFI Realty arranges $11 million acquisition of four-story Brooklyn walk-up; part of 1031 exchange

175 Ocean Parkway - Brooklyn, NY

Erik Yankelovich, GFI

Brooklyn, NY GFI Realty Services, LLC has arranged the $11 million acquisition of 175 Ocean Pwy., a four-story, walk-up apartment building located in the Kensington section. GFI director of investment sales Erik Yankelovich represented both the buyer, Jonas Equities, and the seller, a local investor. The majority of the building’s 39 units are currently occupied.

“This transaction represents the consummation of a 1031 exchange, in which Jonas Equities sold 241-245 Ocean Pwy. and acquired 175 Ocean Pwy.,” said Yankelovich. “With GFI’s industry relationships and our access to attractive off-market properties, we were able to connect Jonas with a well-located building that fits into their investment plan of acquiring multifamily properties with high occupancy.”

The 39-unit multifamily building is located near Kensington’s border with Windsor Terrace, and the property is within the Windsor Terrace school district.

“Over the past several months, we’ve been able to work with Jonas Equities and help them realign their investment strategy,” said Yankelovich. “In addition to finding them a buyer for their properties at 241-245 Ocean Pwy., which enabled this transaction, we’ve also arranged their acquisition of several other choice investment properties, including 147 Ocean Ave., 115 Ocean Ave. and 15 Crooke Ave.”

“Utilizing our key relationships with property owners across New York City, we’ve helped them transition their capital away from other assets and into these latest acquisitions.”

GFI Realty is extremely active in arranging investment sales transactions for multifamily, mixed-use and developable properties. Recent transactions include the $16-million trade for 3750 Broadway, a mixed-use retail and multifamily building, and the sale of 695-705 6th Avenue, a development site in South Slope.

About GFI Realty Services, LLC

An affiliate of GFI Capital Resources Group, Inc., GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, Inc. utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.