Yankelovich of GFI sells 1202 Avenue K for $7.95 million

Brooklyn, NY GFI Realty Services, LLC arranged the sale of 1202 Ave. K located in the Midwood section of the borough. The property, a four-story walk-up apartment building consisting of 39 units, traded for $7.95 million. This off market transaction traded at an aggressive multiple of fifteen times reflecting the demand on inventory in this submarket. Erik Yankelovich, senior director of GFI Realty Services, represented the seller and the buyer, both are local investors. “The sellers wanted to liquidate this asset and transition their equity to different investments,” said Yankelovich. “Midwood has become increasingly attractive to investors and they saw this as the  right time to take advantage of this marketplace.” “The buyer recognizes the potential of Midwood and sees this investment as a long term play,” said Yankelovich. “1202 Avenue K is a great asset, it’s a well maintained building with great upside potential  The buyer intends to improve the common areas as well as upgrade the units to ensure that the property continues to be a well performing asset.” The property is centrally located just a few blocks off of Ocean Parkway & Coney Island Avenue, major thoroughfares in the area, as well the Q train.  The property also benefits from being just blocks away from numerous amenities in the area including local eateries and boutiques.