Sara Petherbridge | Bedford-Katonah Patch
GFI Realty Services, Inc. a leading, New York-based commercial real estate services firm, today announced the sales of three walk-up apartment buildings in Brooklyn, N.Y., purchased by investors who were attracted to the future upside of these properties translating into double digit gross rent multiples.
GFI Realty Senior Director Shlomo Antebi represented both the buyers and sellers on all transactions listed below.
· In the Bedford Stuyvesant neighborhood, 920 Madison Street, a four-story walk up apartment building featuring 13 apartments, traded hands for $1.4 million — 14 times the rent roll.
· In the Crown Heights neighborhood, 1463 Bedford Avenue, a four-story walk up apartment building featuring seven apartments, traded hands for $1.2 million — 12 times the rent roll.
· A third in Crown Heights, 1330 St. Johns Place, a four-story walk up apartment building featuring eight apartments, traded hands for $960,000 — 11 times the rent roll.
“As money continues to pour into the Brooklyn real estate market, an increasing number of investors are seeking out value opportunities in neighborhoods that show great potential, such as Bedford Stuyvesant and Crown Heights,” Antebi said. “The high rent roll multiples involved in each transaction are reflective of the prices that can be fetched for well-maintained properties that are within walking distance of public transportation. As properties in Brooklyn trade at an increasingly rapid pace, we believe these types of strategic, long-term investments will continue to be a primary driver of activity.”
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