GFI Brings Crown Heights Multifamily to Market October 10, 2018

Connect Media | October 10, 2018

GFI Realty Services has been named the exclusive sales agent for 1115 Union St., a 24-unit multifamily building in the Crown Heights section of Brooklyn. Senior director Erik Yankelovich will oversee the marketing of the property. Pricing has been targeted at $8.8 million.

Constructed in 1925, the four-story, 19,300-square-foot building is composed of one studio apartment, 14 one-bedroom units, seven two-bedroom units and two three-bedroom units. Thirteen of the apartments are rent-stabilized, while the other 11 are free-market. Many of the units recently received significant renovations.

“With average rents well below market rates, the property provides an excellent opportunity for investors seeking to acquire a well-maintained, stable asset that offers significant upside,” said Yankelovich.

In the short term, based on market conditions, “the buyers should be able to increase in-place rents on free-market units by approximately 8%,” he added. Longer-term, “the asset has a great deal of value-add potential.”

 

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