NEW YORK CITY—GFI Realty Services has arranged the sale of a portfolio of four, six-story elevator multifamily properties consisting of 260 units in the Bay Ridge and Midwood neighborhoods of Brooklyn for over $60 million. The off-market transaction represents a record price for the area of $232,000 per unit, or more than 15 times the rent roll for the properties.
The four properties in the portfolio include 465-476 84th St. in Bay Ridge, 2566 Ocean Ave., 1745 E. 12th St., and 1811 Quentin Rd. in Midwood. The Brooklyn neighborhoods of Bay Ridge and Midwood are attracting more young professionals and families seeking affordable housing, notes GFI, as well as the area's shopping, restaurants, outdoor spaces, and proximity to public transportation.
GFI Realty's Daniel Shragaei and Yosef Katz represented both the buyer and the seller in the transaction. The identities of the buyer and seller were not disclosed at press time. GlobeSt.com will update this story as information becomes available.
“The buildings within this portfolio range in vintage from pre-war to 1962 and were originally constructed by the seller, making this the first change in ownership for the properties in as many as 75 years,” says Shragaei. “The seller wanted to take advantage of the continuing strong demand for Brooklyn multifamily properties, as well as a favorable tax environment for a year-end closing. Our knowledge of the local market enabled us to exceed the seller's objectives and achieve record pricing for the area of $232,000 per unit.”
Adds Katz, “We leveraged our relationships to quickly identify the most qualified buyer, and the deal was in contract within two weeks. The purchaser, a local investor, recognized the once-in-a-lifetime opportunity to acquire this portfolio of well located, historically well-maintained elevator buildings, with stable cash flow and tremendous long-term upside potential.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
