City Biz List | June 11, 2016
GFI Realty Services, LLC announced the $2.25-million sale of 352 McGuinness Boulevard, a three-story, walk-up apartment building in the Greenpoint section of Brooklyn.
Constructed in 1931, the six-unit apartment building totals 4,125 square feet. With the exception of one rent-stabilized unit, all of the apartments are vacant.
Shawn Sadaghati, an associate of GFI Realty Services, represented the buyer in the transaction. Sasha Berg and Yisroel Pershin, also of GFI Realty, represented the seller. Both the buyer and seller are private local investors.
“The buyer realized the unique value of this asset,” Sadaghati said. “It is a rarity to find a mostly vacant property in a highly desirable area like Greenpoint. The new owners intend to do extensive renovations to the property and convert the vacant units into luxury rentals.”
Berg added: “This property is located in a prime area, just blocks from the waterfront. The seller realized that this was a prime opportunity to capitalize on the revitalization of the area.”
Pershin stated: “Greenpoint is growing as an increasing number of young professionals flock to the area and see it as a real alternative to neighboring Williamsburg. It wasn’t hard to make the case that this asset would yield great future returns.”
Located in close proximity to Long Island City, 352 McGuinness Boulevard is a short walk to the G subway line, and is just a block away from Manhattan Avenue, a major commercial corridor in the area.
This transaction is the most recent example of GFI Realty’s significant brokerage activity across the city. Notably, in addition to participating in several other deals in the area, Berg is currently marketing a unique parcel on Greenpoint’s waterfront, which will net an investor one of the few remaining development sites in the neighborhood.
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