Properties Attract Investors Seeking Buildings Located Within Walking Distance of Public Transportation in Up-and-Coming Neighborhoods
NEW YORK (May 30, 2014) — GFI Realty Services, Inc. a leading, New York-based commercial real estate services firm, today announced the sales of three walk-up apartment buildings in Brooklyn, N.Y., purchased by investors who were attracted to the future upside of these properties translating into double digit gross rent multiples.
GFI Realty Senior Director Shlomo Antebi represented both the buyers and sellers on all transactions listed below.
· In the Bedford Stuyvesant neighborhood, 920 Madison Street, a four-story walk up apartment building featuring 13 apartments, traded hands for $1.4 million — 14 times the rent roll.
· In the Crown Heights neighborhood, 1463 Bedford Avenue, a four-story walk up apartment building featuring seven apartments, traded hands for $1.2 million — 12 times the rent roll.
· A third in Crown Heights, 1330 St. Johns Place, a four-story walk up apartment building featuring eight apartments, traded hands for $960,000 — 11 times the rent roll.
“As money continues to pour into the Brooklyn real estate market, an increasing number of investors are seeking out value opportunities in neighborhoods that show great potential, such as Bedford Stuyvesant and Crown Heights,” Antebi said. “The high rent roll multiples involved in each transaction are reflective of the prices that can be fetched for well-maintained properties that are within walking distance of public transportation. As properties in Brooklyn trade at an increasingly rapid pace, we believe these types of strategic, long-term investments will continue to be a primary driver of activity.”
About GFI Realty Services, Inc.
An affiliate of GFI Capital Resources Group, Inc., GFI Realty Services, Inc. imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, Inc. utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions. For more information, visit GFIRealty.com.
About GFI Capital Resources Group, Inc.
Founded in 1983 and headquartered in New York City, GFI Capital Resources Group, Inc. is a leading, diversified provider of comprehensive real estate and insurance services to clients throughout the U.S. Through an integrated platform of affiliates specializing in mortgage banking, commercial real estate sales and finance, property management, insurance and development, along with its hotel affiliate, GB Lodging, GFI is powered by strong relationships with major financial institutions, investors, and buyers and sellers of real estate.
GFI has built its reputation on a steadfast commitment to maintaining the highest level of professionalism in every aspect of its business. The company’s service-oriented culture, extensive network and deep knowledge of local markets strongly position GFI to deliver unparalleled value and results. For more information, visit gficap.com.