NYREJ Brokerage Deal of the Week: Yankelovich of GFI acts for seller and buyer in $6.55 million sale; Shragaei and Berg of GFI collaborate for $4.3 million October 5, 2016

NYREJ | September 20, 2016

Brooklyn, NY GFI Realty Services, LLC completed the $6.55 million sale of 2105 Foster Ave., a four-story, pre-war, walk-up apartment building in the Flatbush neighborhood. Located on the northeast corner of Foster Ave. and East 21st St., the property is comprised of 21 units and totals 26,640 s/f. 

Erik Yankelovich, GFI Realty ServiceErik Yankelovich, a senior director of GFI Realty, represented both the buyer and the seller. The sale price equates to $311,900 per unit.

“The buyer recognized the tremendous value in this pre-war asset with its strong location and unusually large apartments,” said Yankelovich. “In recent years, the seller added value to the building by investing in numerous capital improvements, including renovations to several units. The buyer intends to build upon these improvements and make further upgrades to the property, with the goal of holding onto it for the long term.”

Additionally, GFI handled the $4.3-million sale of 250 Sherman Ave., a five-story, pre-war, walk-up apartment building in the Inwood section of Manhattan. Located between Isham St. and West 207th St., the property is comprised of 20 units and totals 17,350 s/f. 

“This property has not traded hands in more than 30 years and there is great value to be tapped from this asset. Not only is there upside that can be captured, the property is situated in an area that has the potential to be the next market to experience significant growth,” said Berg.Daniel Shragaei, an associate director of GFI Realty, represented the seller, a local investor. Sasha Berg, also of GFI, represented the buyer, Lewis Barbanel of Barberry Rose Management.

“The buyer intends to hold onto the property for the long term and will continue to invest in the property’s improvements,” said Berg.

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