GFI Realty Services Arranges $3.95-Million Sale of Prospect Park South Apartment Building July 18, 2017

City Biz List | July 17, 2017

GFI Realty Services, LLC today announced the $3.95-million sale of 369 Ocean Avenue, a pre-war multifamily property located in the Prospect Park South section of Brooklyn. GFI Realty Senior Director Erik Yankelovich served as the exclusive sales agent for the property, and represented the seller and the buyer in the transaction.

The 11,036-square-foot elevator building is comprised of sixteen apartments, all of which are rent stabilized. The property also includes approximately 4,500 square feet of additional air rights, providing the asset with significant upside potential. The building benefits from close proximity to Flatbush Avenue, a major commercial corridor in this submarket. It is also located just two blocks away from Church Avenue, a retail strip comprised of numerous shops and restaurants.

“For the buyer, this deal presented a unique opportunity to acquire a four-story elevator building with enough air rights to add an additional two floors. This trade also afforded them the opportunity to expand their holdings in this submarket,” said Yankelovich. “I was also able to successfully negotiate a great price for the sellers as well as facilitate a smooth, efficient transaction, which was particularly important as this sale represented the back end of a reverse 1031 exchange.”

In recent years, Prospect Park South has become one of Brooklyn’s most sought-after residential neighborhoods. The area has attracted a steady stream of residents, who are drawn to the neighborhood’s unique feel as well as its mix of large pre-war apartment buildings and Victorian homes.

 

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