The six-story buildings, totaling 153,786 sf, were purchased with an additional 79,048 sf of air rights. The buildings are located off Broadway, one block from the No. 1 subway.
[IMGCAP(2)]Roni Abudi, managing director at GFI Realty Services, and Dan Suissa, senior broker at GFI, represented Rubin Pikus of Millbrook Properties. Suissa tells GlobeSt.com that GFI was "discussing the building status and potential with the buyer and he recognized the potential of the deal. After analyzing the deal, we gave him a good offer he just couldn't refuse."
[IMGCAP(3)]Abudi notes that the buildings are pre-war buildings. "There are 183 residential units in total and Millbrook just invested over $1 million in major capital improvements." Abudi continues that GFI completed the transaction in just a matter of months.
"Currently, the average rent is these buildings is $1,282," Suissa explains. "This presents the buyer with tremendous upside potential on the approximately 50 renovated free market rental units. There is also potential for future condominium conversions."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
