Borough Park Apts. Up for Sale with Unused Air Rights October 10, 2018

Connect Media | September 7, 2018

GFI Realty Services has been named the exclusive sales agent for 1043 50th St., a six-unit multifamily building in the Brooklyn’s Borough Park section. The firm’s Erik Yankelovich will oversee the marketing of the property, with pricing targeted at $2.5 million.

Constructed in 1931, the three-story, 6,006-square-foot corner building is composed of one one-bedroom unit, four two-bedroom units, one three-bedroom unit, and a basement storage unit. One of the units will be delivered vacant, and five of the apartments were recently gut-renovated and enhanced with hardwood floors and laundry connections.

“Although the units are currently rent-stabilized, the asset has a sizable amount of unused air rights and a very strong location, so buyers looking to own the property long-term will likely be able to redevelop it down the road,” said Yankelovich. With air rights included, there’s the potential to develop a 15,000-square-foot property on the site.

 

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