CityBizList | March 1, 2017
GFI Realty Services, LLC today announced the $2.8-million sale of 1407 Fulton Street, a four-story, mixed-use building in the Bedford-Stuyvesant section of Brooklyn. Located between Marcy and Throop Avenues, the property is composed of six three-bedroom apartments and a vacant ground-floor retail unit. In total, the building comprises 7,821 square feet.
GFI Realty associate Moshe Gelbstein procured the buyer, a local investor. Sasha Berg and Solomon Rozental, also of GFI Realty, represented the seller, Eric Mann of the Mann Group.
“There aren’t many opportunities to acquire a mixed-use asset of this caliber, and the seller sought to capitalize on today’s strong market,” said Berg. “There is great demand for both large apartments and retail on a major commercial corridor, such as Fulton Street, so the property was very attractive to a range of investors.”
Added Rozental: “The mix of rent-stabilized and free-market apartments offers a great opportunity for current cash flow as well as future revenue growth.”
With its location on the Fulton Street commercial corridor, the property is surrounded by numerous local and national retailers including Chase, Walgreens, GameStop and TD Bank.
“Residents continue to flow towards Bedford-Stuyvesant because they see it as a viable alternative to its pricey neighbors, such as Clinton Hill and Downtown Brooklyn,” said Gelbstein. “The buyer recognized the future returns that can be gained from this mixed-use asset and intends to complete significant capital improvements to add value to the property.”
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