$4M for 16 Brooklyn Apartments July 18, 2017

Connect Commercial Real Estate |  July 17, 2017

A private buyer paid $3.95 million for 369 Ocean Ave., a pre-war apartment building in the Prospect Park South neighborhood of Brooklyn.

“For the buyer, this deal presented a unique opportunity to acquire a four-story elevator building with enough air rights to add an additional two floors,” said Erik Yankelovich, senior director for GFI Realty Services, which served as the exclusive sales agent for the property and represented the seller and the buyer in the transaction.

The 11,036-square-foot building is comprised of 16 apartments, all of which are rent stabilized. The property also includes approximately 4,500 square feet of additional air rights.

 

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