Yankelovich of GFI sells 50,000 s/f Sheepshead Bay development for $4.1 million

GFI Realty Services Inc. arranged the $4.1 million sale of 3041-3043 Ocean Avenue, a 50,000 s/f as-of-right development site in Sheepshead Bay. The 12,650 s/f lot has 110 feet of frontage on Ocean Avenue and is one of the few remaining undeveloped parcels in close proximity to Emmons Avenue, a busy commercial corridor in the area. Erik Yankelovich, a director of investment sales at GFI Realty Services, Inc. represented the seller and the buyer, both of whom are local investors. “The buyers are experienced developers and intend to build a 50,000 s/f condominium with parking and high-end amenities,” said Erik Yankelovich. “This is a highly desirable area and the new construction will benefit from its close proximity to Emmons Avenue and the Belt Parkway.” 3041-3043 Ocean Avenue is easily accessible via the B & Q subways lines as well as the Belt Parkway.