City Biz List
Buyer Intends to Replace El Greco Diner with High-End Condo Development
GFI Realty Services, Inc. today announced the $13-million sale of 1821 Emmons Avenue, a property in the Sheepshead Bay section of Brooklyn, N.Y. The 41,700-square-foot property formerly housed the iconic El Greco Diner.
GFI Realty Senior Director Erik Yankelovich was the sole broker in the transaction. The seller, a local family, had owned and operated El Greco since the 1970s.
The buyer, Rybak Development & Construction, plans to convert the property into a luxury condominium building with ground-floor retail.
“Southern Brooklyn is providing local businesspeople and property owners with excellent opportunities to maximize the return on their investments,” said Yankelovich. “Neighborhoods such as Sheepshead Bay are being revitalized with an influx of young professionals due to their waterfront charm and affordability. With asset prices affordable when compared with similar properties in other parts of New York, these areas have become prime for investment and development.”