New York Real Estate Journal | September 19, 2017
Manhattan, NY GFI Realty Services, LLC has completed the $59.5 million sale of a three-building portfolio of multifamily properties located in the Tribeca neighborhood. The properties are located at 41 White St., 45 White St. and 74 Franklin St., and comprise a total of 29 apartments and three retail stores.
The three buildings were part of a larger property portfolio, for which DH Property Holdings initially entered contract in April. With the guidance of GFI’s Barak Jacobov, DH ultimately assigned the contract for these three properties to Benchmark Real Estate Group, which closed on the deals in July. Jacobov represented the seller, EJ Realty, as well as Benchmark in the transaction.
“This area hasn’t seen a great deal of transactional activity in recent months, but buyers are still seeking quality residential properties with significant growth potential,” said Jacobov. “Tribeca remains one of the most fashionable neighborhoods in Manhattan, and well-located buildings of this caliber will always be attractive to strategic investors.”
41 White St. is a five-story walk-up built in 1915 and comprising 12,000 s/f. The adjoining 45 White St. is seven-story elevator building, comprising 33,500 square feet. 74 Franklin St. is a five-story walk-up, which totals nearly 10,000 s/f. Retail tenants at the three properties include Haus Alkire and Uhuru Design, while the residential units are more than 90% occupied.
Historically an industrial section of the city, the Tribeca neighborhood has emerged in recent years as the most sought-after residential locale in the city. With the area attracting much of New York’s cultural elite, Tribeca condo and rental prices have skyrocketed, while its population has more than doubled since 1990.
GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions.
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