Connect Media | October 2, 2019
GFI Realty Services arranged the $7.225-million sale of 8678 Bay Pkwy., a four-story walk-up, 30-unit multifamily property in Brooklyn’s Bath Beach section. The firm’s Shlomo Antebi represented the buyer, the Ragosta family, while colleague Erik Yankelovich represented the seller, Meridian Properties.
“This asset is ideally suited for a long-term investment,” said Yankelovich. “The property traded for a healthy $240,000-per-door and 13 times the rent roll, showing that Bath Beach is an area that is in play for investors.”
Constructed in 1915, the 30,960-square-foot property features a mix of a one-bedroom to four-bedroom units.
The building is located in the heart of Bath Beach, just steps from the 86th Street commercial corridor and within blocks of the Caesar’s Bay Shopping Center. Manhattan is easily accessible via the D subway line at the Bay Parkway station.