Connect Media | December 5, 2018
GFI Realty Services has arranged the $26.7-million sale of a two-building, multifamily portfolio in the Prospect Park South section of Brooklyn. Located at 111 Woodruff Ave. (pictured) and 11 Crooke Ave., the portfolio features a mix of 89 studio, one, two and three-bedroom apartments, nearly 20% of which are vacant.
The sale was about a decade in the making. “With the recent revitalization of this section of Brooklyn, we had numerous discussions with the seller about selling the property over the last 10-plus years,” said GFI’s Erik Yankelovich. “By waiting out the market and creating a substantial amount of vacancy, he was able to increase the upside of these assets and enable us to arrange this transaction with a very strong in-place cap rate of approximately 4%.”
A team led by Yankelovich represented both the seller and the buyer, Greenroad Capital. The portfolio also includes about 20,000 square feet of air rights.