Pre-War Elevator Multifamily Fetches 3.3% Cap in Brooklyn February 4, 2019

Connect Media | January 11, 2019

GFI Realty Services has finalized the $15.5-million sale of 2261 Ocean Ave., a six-story apartment building in Brooklyn’s Madison section. Senior director Erik Yankelovich represented the unidentified seller, while associate director Josh Orlander procured the buyer, also undisclosed.

A pre-war elevator building, the 52,812-square-foot corner property contains 54 rent-stabilized apartments. The new buyer plans to implement modest renovations and lease up the vacant units.

“The property has been owned for decades by a group of local investors, and they decided to liquidate this jointly-held property and capitalize on the current strength of the market,” said Yankelovich. “We received interest from several potential buyers, and we were able to negotiate a very strong deal for the seller, with the $15.5-millon sales price representing a cap rate of approximately 3.3%.”

The buyer sought “to expand his significant local portfolio, and he was very intrigued by this elevator building,” said Orlander.

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