Yankelovich and Gelbstein of GFI arrange $12 million sale of 477 3rd Street December 14, 2015

Oct. 27, 2015 | New York Real Estate Journal

Brooklyn, NY GFI Realty Services, LLC arranged the $12 million sale of 477 3rd St., a five-story multifamily building located on a bucolic tree-lined block in the Park Slope section. GFI Realty senior director of investment sales Erik Yankelovich represented the seller, while GFI Realty associate director of investment sales Moshe Gelbstein represented the buyer.

“As we expected, there was very strong interest, and we received multiple offers for this well-located property,” said Yankelovich. “With a location just blocks from Prospect Park, the buyer can expect a significant return on this investment for many years to come.”
The 20-unit apartment building is in the heart of one of the New York City’s most desirable neighborhoods. The fully-occupied walk-up features various amenities, including an on-site laundry room. The property currently benefits from a J-51 tax incentive, which will expire in 2017. At that time, many of the apartments can become market-rate, raising the property’s revenues.
“The sale of this property is truly a testament to the strength of the market, especially in sought-after neighborhoods like this,” said Yankelovich. “Just three years ago, the property sold for less $7.8 million. As Park Slope has become one of the most desirable neighborhoods in Brooklyn, there’s tremendous opportunity to continue to grow the property’s revenue.”
The buyer, a multi-generational local investor, plans to implement improvements and will maintain the building as a long-term rental.

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