Yankelovich of GFI secures $9.9 million sale of development site at 695-705 6th Avenue

GFI Realty Services, Inc. arranged the $9.9 million sale of 695-705 6th Ave., a development site in the South Slope section of the borough. GFI director of investment sales Erik Yankelovich represented the buyer and the seller in this transaction. Capitalizing on the neighborhood's popularity and the property's favorable tax status, the buyer plans on constructing a multi-story residential condo building. The corner lot has a maximum buildable area of 34,800 s/f. The property contains a one-story commercial building, which most recently served as a school. "The seller was looking to take advantage of the market and relocate to a larger facility more proximate to its core student base," said Yankelovich. "Our market knowledge and strong relationships allowed us to quickly procure a favorable price from a buyer who is an experienced Brooklyn developer and recognizes the property's potential for residential development." The property is located on a residential street in the thriving neighborhood of South Slope, in proximity to coffee shops, restaurants and other retail amenities. With the scarcity of developable sites in this part of Brooklyn, the buyer got an excellent value for the 17,400-square-foot property. "The buyer was eager to take advantage of the unique opportunity to acquire a lot of this size on a tree-lined block in one of Brooklyn's most vibrant residential neighborhoods," said Yankelovich. "The site is also ideal as its zoning allows for a favorable tax class, which will result in significantly lower taxes for each individual condo unit." GFI Realty has been extremely active in brokering deals on development sites in recent months. Currently, the firm is working on arranging sales on a total of 1 million buildable square feet of development sites across New York City. Many of these properties are in prime Manhattan areas, including Chelsea and Kips Bay, and popular Brooklyn areas, such as Bedford-Stuyvesant, Bushwick and Williamsburg.