New York Real Estate Journal | July 5th, 2016
Brooklyn, NY According to GFI Realty Services, LLC, the firm has completed the $6.6-million sale of 218-220 Park Pl., a pair of five-story, walk-up apartment buildings in the Prospect Heights neighborhood. GFI Realty’s Sasha Berg represented the buyer, CSG Equities, while GFI Realty’s Isaac Moskowitz and Yosef Katz represented the seller.
Totaling 7,300 s/f, the buildings are located in the Prospect Heights Historic District, near Prospect Park. The buyer plans to complete interior renovations, converting the residences to luxury condominiums.
“Due to the strength of the neighborhood and the untapped potential of these buildings, we received extremely competitive offers,” Katz said. “At an impressive $733 per buildable square foot, this transaction speaks to the continued demand for value-add residential product south of Atlantic Avenue. “
Moskowitz said, “The popularity of Prospect Heights continues to surge, and a vacant property of this size presents a unique opportunity. When the buyer completes the redevelopment campaign and brings condos to market, many investors will feel regret over the missed opportunity to acquire this gem.”
Park Place is within blocks of the B and Q trains as well as numerous restaurants and retail shops.
“With an ideal location on a quaint block in one of the city’s most desirable and historic neighborhoods, these buildings presented a truly unique opportunity,” Berg said. “The area includes some of the city’s most distinguished architecture, and the buyer will be maintaining the landmarked façade – a piece of local history – while completing the interior makeover. When completed, the property is sure to be met with a great deal of demand.”
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