Shamel of GFI Realty Services Arranges the $1.975M Sale of Fully Renovated Multifamily Asset in Ridgewood February 7, 2019

City Biz List | January 29, 2019

GFI Realty Services today announced the $1.975-million sale of 503 Grandview Avenue, a four-unit multifamily building located in the Ridgewood section of Queens. GFI Associate Yehoshua Shamel represented the seller and buyer, both of whom are local investors.

Constructed in 1921, the two-story building totals approximately 3,000 square feet, and is composed of two three-bedroom apartments and two four-bedroom apartments. The asset was recently fully renovated, and all of the apartments were completely made over with modern finishes.

“Ridgewood continues to be prime destination for tenants who are priced out of more expensive sections of Brooklyn and Queens and are seeking affordable rents in a dynamic neighborhood,” said Shamel. “This submarket benefits from an influx of residents seeking a ‘neighborhood’ feel and easy access to Manhattan via mass transit.”

In recent years, Ridgewood has seen an increase in commercial leasing activity along the Myrtle and Wyckoff Avenue corridors. With the area’s revitalization, the property provides convenient access to new retail offerings, including cafes, wine bars, and art galleries. The building is situated in proximity to the L and M subway lines, providing commuters with several public transit options.

About GFI Realty Services

For more than three decades, GFI Realty Services, LLC has been one of the most active commercial real estate advisory firms in New York City. Adept at arranging investment sales transactions of all sizes, the firm provides clients with sophisticated strategies at every step of the process. An industry leader in arranging off-market deals, GFI leverages its relationships with a vast network of property owners and investors to identify the right buyer for each individual property.

GFI’s team of 30 experienced brokers possesses an unparalleled knowledge of neighborhoods across the five boroughs, including subsections of Upper Manhattan, Brooklyn, Queens and The Bronx, and its brokers have arranged record-setting transactions in many neighborhoods. The company encourages collaboration among its brokers, ensuring that the firm’s combined expertise can be tapped into to fulfill the objectives of any client. GFI was recognized in 2017 as one of the best places to work in Crain’s New York Business, and is consistently ranked among the top New York City investment sales brokerages by The Real Deal. For more information, visit GFIRealty.com.

 

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